Should You Wait Another Year to Claim Social Security?

Interestingly, You may think you've done all you can to maximize your Social Security benefits

On the other hand, You worked hard for decades, given current economic conditions

You increased your income over your career

Now you're staring at the application screen and wondering if it's finally time to start receiving money from the gram

Furthermore, It could be

On the other hand, But there's one more important factor to consider: your age

Furthermore, That could cost you tens of thousands of dollars in lost benefits over your lifetime

Waiting to apply could help you get more out of the gram, but that's not always financially feasible, in this volatile climate

However, you don't have to delay for long for that wait to be worthwhile

Postponing your claiming date by even one year could der lasting financial benefits

However, Image source: Getty Images

Moreover, How your claiming age affects your Social Security benefits You ly already know that you become eligible for Social Security retirement benefits when you turn 62, given the current landscape

But signing up then is nically considered claiming "early, in this volatile climate. " Claiming "on time," according to the Social Security Administration, means doing so at what the government views as your full retirement age (FRA), considering recent developments

Additionally, ) The benefit you qualify for at your FRA is known as your primary insurance amount (PIA)

However, The Social Security Administration calculates this based on the 35 highest-earning years of your income history

Meanwhile, Then, it adjusts your actual benefit up or down depending on whether you'll be older or younger than your FRA at the time you receive your first check

Claiming early shrinks your checks while claiming late increases them -- up until you turn 70, after which you can no longer earn additional delayed retirement credits, in this volatile climate

Or, put another way, from the time you turn 62 to the day you turn 70, every month you delay taking Social Security increases the size of your checks, considering recent developments

And the rate of increase grows the longer you postpone

On the other hand, ) If You Have an FRA of 67, Here's How Your Benefits Will Change, amid market uncertainty

Delaying until 70 obviously results in the largest checks

But even shorter delays would have a noticeable impact

How to decide whether you should delay your Social Security application by a year There are three key factors to consider when deciding whether to apply for Social Security now or wait another year or more to

Additionally, Your finances Delaying Social Security may not be an option for you if you're unable to work and have little personal savings

In this case, claiming early would be preferable to going into debt, even if it means settling for smaller monthly benefits for the rest of your life (an important development)

However, if you can afford to, you could benefit from delaying Social Security by a month or two to lock in slightly larger checks, considering recent developments

Your life expectancy If you have good reason to expect that you'll into your 80s or beyond, you'll bably get a larger total lifetime benefit by delaying Social Security until your FRA or beyond

But people who have shorter s are ly to get more overall out of the gram by signing up as soon as possible

If your health and family history give you reason to think that you're going to be in the latter group, you may do better to claim Social Security earlier

That said, some seniors with dependents may choose to postpone as long as they can regardless

Claiming Social Security early permanently reduces the survivor benefits your family members may be eligible for after you pass away

Nevertheless, If you believe your spouse or dependent children will rely heavily on Social Security checks that are based on your benefits after you're gone, you might even choose not to claim Social Security at all while you're a so they'll be eligible to get more money after your death

Effect on family members' benefits In addition to its impact on your family members' survivor benefits, you'll also want to think how your decision will affect the other members of your household while you're a, particularly if any of them are eligible to claim benefits based on your work record

This includes spousal benefits or dependent benefits for minor children under 18 (19 if still enrolled in secondary school) or older children who were disabled before 22

The data indicates that se family members won't be eligible to claim checks on your work record until you apply for benefits

If you have some family members, dependent children, who may not qualify for checks in a few years, you may prefer to earlier so they can receive their benefits now

It's best to discuss your Social Security claiming strategy with all affected family members so you can come up with a plan that works best for everyone

On the other hand, Nevertheless, If the time doesn't feel right right now, consider delaying your application a little bit

Just keep in mind that it takes time for the Social Security Administration to apve your application, so remember to a few months in advance of when you hope to claim checks.