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Image source: Getty Images. You're taking a risk. As mentioned, studies show the average retiree will collect more in Social Security benefits over their lifetime if they delay until age 70.
Know, though, that the average benefit for those aged 70 was $1,963 as of December 2022, as per the most recent data provided by the Social Security Administration. That's about $23,500 per year ...
Most retirees automatically enroll in the program, since they're already collecting Social Security at age 65. But if you're planning to delay until 70, you'll need to enroll manually.
The last 25 years have seen a significant increase in seniors delaying Social Security until age 70, with the trend accelerating in the past 15 years or so. ... If they wait until they turn 70 ...
But if you wait to claim until age 70, you’ll get more money in a shorter time span to make up for those eight years you weren’t collecting benefits. ... So, if you’ve only worked 20 years ...
You can also snag a much higher monthly benefit by delaying your Social Security claim until age 70. If your full retirement age is 67, filing at 70 means raising your monthly benefit by 24% ...
Age 70 is the last age at which you can file for increased Social Security benefits. At 8% per year, your benefit jumps by 24% over your full retirement age, to $1,240.
If you wait until age 70 to collect Social Security, you would be a little under age 80.5 to break even. Because it takes so long to break even, waiting until a later age to claim Social Security ...
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