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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.

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