Discover the Impact of Delaying Your Social Security Claim on Your Benefits as a High Earner

The Impact of Delaying Social Security Claims

If you delay a Social Security claim, you can get more income each month-- and often more income for life. Find out just how much extra may be available to you. It can be really hard to know when you should claim your first Social Security check. After all, there's an eight year window of time from age 62 to age 70 when you can begin payments. And the longer you delay beyond 62, the higher your benefits grow but the more payments you forgo early on.

Key Findings:

• Delay Benefit Increase: High earners can potentially receive hundreds of thousands more by delaying Social Security claims.
• Formula Inefficiency: The current benefits formula may lead to significant differences in benefits based on claim timing.
• Individual Considerations: Factors like health, marital status, and life expectancy play a role in deciding when to claim Social Security.

While the majority of retirees, including high earners, benefit from delayed claims, individual circumstances should be evaluated to determine the optimal claiming strategy.