If you can afford to wait until age 70 to claim Social Security benefits, it’ll pay off. Thanks to what the Social Security Administration calls “delayed retirement credits,” benefits increase 8 percent each year you delay tapping into Social Security – up till age 70. So waiting until you reach 70 means about a third more income for life.
When considering this strategy, it’s particularly beneficial for the higher-earning spouse in a marriage to hold out until age 70 to increase the total benefits the couple will receive throughout their lifetime. In the event that the spouse with the higher benefit passes away, the surviving spouse will receive the higher payment.
If you took benefits early and regret the move, it might not be too late to fix it. You may be able to repay all the benefits you received so far and restart them at a higher level based on your age. For more details, check out this page on the SSA site
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