It is understandable why many people are eager to retire after paying into the Social Security system for decades, but waiting a bit longer than you originally anticipated could reap some hefty financial benefits. If you wait until you are 66 years and 10 months of age, you can receive the full amount of your retirement check each month. If you wait until after 70, the amount that you will receive goes up by two-thirds of 1% every single month.
Key Takeaways:
- Retirees will receive the full amount of their Social Security checks if they wait until the age of 66 years and 10 months to retire.
- After 70, your retirement check will increase by exactly two-thirds of 1% every month that passes.
- When it comes to married couples, the highest earner should choose to wait as long as possible to begin the retirement process.
“People born in 1959 can start Social Security as early as 2021, when they turn 62. Waiting until full retirement age, which starts in 2025, would mean getting 100% of benefits”
Read more: https://www.nerdwallet.com/blog/investing/when-can-i-retire-if-i-was-born-in-1959/
