Strategies For Maximizing Social Security Benefits

This section contains sort of a summary of the strategies you should be aware of to prepare for claiming your Social Security benefits. Thousands of words have been written on this subject and many of the folks we talk to find the whole idea of “strategies” to be confusing.  But, please, don’t skip this section.

SO DOES DELAYING MY RETIREMENT INCREASE MY MONTHLY BENEFITS

The simple answer is “yes,” and the formula is also pretty easy.  Your benefits are increased on a monthly basis at the rate of eight percent (8%) per year from your age 66 up to 70.  However, there is a maximum increase of thirty-two percent (32%) over your FRA.

HOW DO I GET THE MAXIMUM AMOUNT OF MONEY IN BENEFITS?

The chart in this section will show you how much more money you will receive simply by delaying your filing for benefits. Ideally, for maximum benefits, delay your filing until you reach age 70.  Study the chart carefully and be prepared to be amazed!

If you are married and both of you are working, you may file at different times so that the spouse who earns less can take his or her Social Security benefits at age 62 while the other spouse (who is earning more) may continue to work until age 70.

If poor health is a factor in making your filing decision, you might consider filing early because having an income may be much more important to you than simply maxing out your benefits later.  Again, the earliest you can file for retirement benefits is at age 62.

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Quick Overview

How does it work?

What are my benefits?

Deceased Spouse

Maximize your benefits

Estimate your benefits

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Resources

CONSUMER GUIDE:
​SOCIAL SECURITY BASICS

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Social Security

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