SS Benefits Increase Every 4 Months You Wait
Full retirement age for Americans born between 1943 and 1954 is 66 years old— here’s how benefits rise or fall if they retire anytime between 62 and 70.
Americans born between 1943 and 1954 can claim 100% of their Social Security benefits at age 66. If they retire early, at age 62, they get 75% of the benefit amount, but waiting until age 70 yields 132% of their full-retirement-age monthly payments. Benefits increase incrementally at four-month intervals between age 62 and 70.
Source: The Motley Fool
When to begin drawing Social Security can be a more complex decision than you might think. Certain decisions can result in substantially higher lifetime benefits.
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