Patience pays off in many areas of life – including with claiming Social Security.
Some people are eager to claim benefits as early as possible, which is age 62. But the longer you wait, up until the full retirement age, the higher your monthly payments will be.
Of course everyone’s payments and potential payments are based off their income history and other factors. But just how much of an increase could you expect by waiting until 70 to claim?
As opposed to claiming Social Security at 62, waiting until 70 could increase your benefits by 77 percent. That’s a lot of extra money. What would you do with it? Do you plan to wait until 70 to claim? Share your thoughts.