Unlock the Full Potential of Your Social Security Benefits
When it comes to claiming Social Security benefits, timing is everything. While only 10% of pre-retirees plan to wait until 70 to claim their benefits, a staggering 57% of retirees would have received the most lifetime benefits if they had waited until 70 to begin taking them.
The Importance of Timing
The age at which you claim your benefits has a significant impact on the size of your benefit checks. As shown in the table below, waiting until 70 can result in a substantial increase in your benefits.
| Age at Which You Start Collecting Benefits | Percentage of Full Benefit Received (FRA of 66) | Percentage of Full Benefit Received (FRA of 67) |
| — | — | — |
| 62 | 75% | 70% |
| 63 | 80% | 75% |
| 64 | 86.7% | 80% |
| 65 | 93.3% | 86.7% |
| 66 | 100% | 93.3% |
| 67 | 108% | 100% |
| 68 | 116% | 108% |
| 69 | 124% | 116% |
| 70 | 132% | 124% |
Putting Dollar Amounts into Perspective
To give you a better understanding of the impact of timing on your benefits, let’s look at some average monthly and annual benefit amounts:
- Average monthly Social Security retirement benefit: $1,924 (or $23,088 annually)
- Average monthly benefit for 66-year-olds: $1,740 (or $20,880 annually)
- Average monthly benefit for 62-year-old recipients: $1,380 (or $16,560 annually)
- Average monthly benefit for 70-year-old recipients: $2,022 (or $24,264 annually)
Maximizing Your Benefits
There’s no value in waiting to claim beyond 70, as no additional delayed retirement credits will accrue. To get a clear idea of how much you can expect, set up a my Social Security account at the Social Security Administration (SSA) website. This will give you access to the latest estimates of your future benefits and how they would vary depending on when you choose to start collecting them.
Boosting Your Retirement Income
If you’re like most Americans, you’re behind on your retirement savings. However, there are little-known “Social Security secrets” that could help ensure a boost in your retirement income. For example, one easy trick could pay you as much as $22,924 more each year. By learning how to maximize your Social Security benefits, you can retire confidently with peace of mind.
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