Baby Boomers Get the Most from Social Security
By delaying their Social Security benefits, baby boomers can increase their payments, says Jeffrey Miller, a professor of economics emeritus at the University of Delaware.
- Workers born between 1943 and 1954 can receive full Social Security retirement benefits starting at age 66.
- But if workers wait to claim benefits at the age of 70, they receive an 8 percent increase in benefits per year.
Moreover, retirees today can use other tools that mitigate the cost of delaying those benefits:
- For married couples, a husband or wife can receive a spousal benefit while the other spouse is waiting to claim Delayed Retirement Benefits.
- This can be done using a restricted application or a “file and suspend” strategy.