Boost Your Social Security Benefits: Is Delaying Your Claim the Right Move for You?

Boost Your Social Security Benefits: Is Delaying Your Claim the Right Move for You?

It's a move that could pay off -- but only under the right circumstances. If you're considering delaying your Social Security claim, understand the potential benefits and risks involved to make an informed decision.

A Strategy that Could Work -- or Sorely Backfire

Delaying your Social Security claim could increase your monthly benefit for life, but it may not always result in a higher lifetime benefit. Consider factors like health and longevity before deciding to delay your claim.

Know Your Break-Even Point

Calculate your break-even point by comparing different filing scenarios to determine if delaying your Social Security claim aligns with your financial goals. Understanding your break-even age can help you make an informed decision about when to claim your benefits.