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Social Security Guru Mary Beth Franklin on The Program’s Health & Outlook.
WEALTHTRACK
Delay for Greater Reward
Claiming Social Security benefits at full retirement age ensures you receive 100% of your entitled benefits based on your earnings and contributions. Early claims result in reduced benefits, potentially up to a 30% cut if claimed five years early. Conversely, delaying claims until age 70 provides an 8% annual increase in benefits, culminating in a significant 24% boost for waiting three years past full retirement age. The stark contrast highlights a 77% increase in monthly benefits when comparing claiming at 62 versus deferring until 70.
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