Maximize Your Social Security Benefits at Age 70: A Guide to Boosting Your Retirement Income
Wednesday, 15 May 2024, 09:57
Maximize Your Social Security Benefits at Age 70
Delaying Social Security benefits until age 70 can have a significant impact on your retirement income. The average monthly benefit for a 70-year-old is $1,963.48, compared to just $1,274.87 for a 62-year-old.
The Impact of Claiming Age
- Claiming benefits at 70 results in a 124% increase in monthly benefits, compared to just 70% at age 62.
- Delaying benefits leads to a substantial boost in your Social Security check, providing a more secure financial future.
- While waiting to claim benefits means forgoing income in your 60s, it usually pays off in the long run.
Waiting until 70 to claim your retirement benefits can result in substantially more wealth in your golden years.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.