Waiting Until 70 Boosts Social Security Benefits by 24%

When retirement finally arrives, you’ll want to maximize every penny from your Social Security benefits like you’re squeezing the last bit of toothpaste from the tube.

Here’s the reality check – even if you’ve been a retirement savings superstar, your nest egg might vanish faster than free donuts in an office break room. Meanwhile, Social Security keeps chugging along like that reliable friend who always shows up with pizza. It’s guaranteed income for life, and the fatter those monthly payments get, the less you’ll lie awake at night calculating grocery budgets.

Picture this: bigger Social Security payments could transform your golden years from “ramen noodle retirement” to “lobster dinner lifestyle.” Perhaps you’ll finally book that European adventure or spoil your grandchildren rotten without checking your bank balance every five minutes.

A recent Reddit discussion revealed several tactics for maximizing Social Security benefits, but one strategy towers above the rest like a giraffe at a pony convention.

Wait Until 70 for Maximum Social Security Benefits

You’ve got multiple options for pumping up your retirement benefits:

• Stick around the workplace longer than a determined houseguest
• Chase salary increases throughout your career like a dog chasing tennis balls
• Pick up side hustles to pad your income

However, the most powerful approach is simply playing the waiting game with your Social Security benefits past your full retirement age (FRA).

If you were born in 1960 or later, your full retirement age hits at 67. That’s when you can collect your complete monthly benefit without Uncle Sam taking a bite. But here’s where things get spicy – for every year you postpone claiming past your FRA, your monthly benefit grows by 8%.

These delayed retirement credits stop accumulating at age 70, so waiting beyond that point makes about as much sense as bringing a snowball to a barbecue.

Let’s crunch some numbers: if your FRA is 67 and you hold out until 70, you’re looking at monthly checks that are 24% plumper for the rest of your days. That’s like getting a permanent raise just for exercising patience with your Social Security claiming strategy.

Setting Yourself Up to Delay Social Security Until 70

While postponing Social Security until 70 might be the shrewdest financial maneuver, it demands some strategic planning worthy of a chess grandmaster.

Unless you’ve accumulated a treasure chest of savings, you’ll probably need to keep punching the time clock until age 70. This means staying professionally sharp and maintaining work habits that might feel increasingly challenging as the years pile on.

Let’s face reality – grinding through your late sixties isn’t exactly a walk in the park for most folks. If you’re planning to delay Social Security until 70, you’ll need to mentally gear up for this extended work marathon.

Nevertheless, there’s a potentially smoother path forward. If you cultivate the right expertise and professional connections throughout your career, you might pivot into consulting work instead of maintaining a traditional full-time grind. This approach could generate sufficient income to cover expenses while you wait for those enhanced retirement benefits.

With consulting work, you’d likely enjoy more flexible schedules and a lighter workload compared to conventional employment.

How to Maximize Social Security Benefits Through Strategic Planning

You should absolutely investigate various strategies for boosting your monthly Social Security benefits, particularly if your retirement savings situation keeps you up at night.

Just remember that waiting until age 70 to claim Social Security represents your strongest bet for securing larger monthly payments. It might be worthwhile to structure your finances around this strategic planning so you can savor those enhanced benefits for years to come.

The impact of waiting to claim Social Security can’t be overstated – those delayed retirement credits provide guaranteed income increases that compound over your entire retirement. This financial planning strategy could be the difference between a comfortable retirement and constantly worrying about making ends meet.