Want a bigger Social Security payment? Simply wait to claim
So who wouldn’t want to collect up to $5,600 per year more in Social Security benefits? Not many, for sure. Yet, by far the majority of people claim benefits much earlier than they truly need to, resulting in a benefit amount much smaller than it could be if they simply waited to claim. Of course, not everyone has the luxury of waiting, but doing so until age 70 could mean a check that is as much as 32% more that it would be age age 66, and as much as 75% more than it would be at age 62. This Motley Fool article by Sean Williams explains how Social Security benefits are computed as well as how you can get the entire benefit you’ve earned from a lifetime of working. Click here to read more.
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