Here’s how waiting until full retirement age can lead to higher Social Security benefits.
How Waiting Until Full Retirement Age Will Increase Social Security Benefits in the Future
While other Americans aim to claim their Social Security benefits before their full retirement age, some want to wait longer until full retirement age at 67 or 70 instead of 62 as it would increase their Social Security benefits upon claiming.
According to a report published in The Motley Fool, beneficiaries claiming their Social Security benefits before their full retirement age would expect to receive lower benefits as claiming benefits before their full retirement age reportedly reduced the benefits by 30%, greatly affecting low-income families.
People contemplating when is the right time to claim their Social Security benefits should follow financial experts’ advice of waiting until the full retirement age instead of claiming them before their full retirement age to get the highest possible amount of Social Security benefits.
Claiming Social Security Benefits Until Full Retirement Age Will Lead to Highest Possible Amount of Benefits
Waiting until full retirement age would be the smartest move for some beneficiaries if they wanted to receive the highest possible amount of Social Security benefits to ensure their financial stability after retirement, USA Today reported.
Aside from waiting until the full retirement age to claim benefits, beneficiaries should look for other sources of income, including trusted investments, to grow their money or look for financial experts who could guide them on their financial status.