Social Security Benefits
Timing is one issue that affect Social Security benefits—in general, the longer you wait to file, the higher the monthly benefit you will receive. For instance, at age 62, the earliest you can file, you lock in your monthly benefit amount at roughly 25% less than it would have been by waiting until your full retirement age. (Full retirement age is now around age 66, depending on the month and year of your birth.) If you wait from full retirement age to age 70, your monthly benefit increases every year by 8%, plus any cost of living increases.
But there’s more to it than just timing, especially if you are married or are divorced but married for 10 years or longer in the past. There are still dozens of ways you can file in order to maximize your Social Security benefits over the long-term. Furthermore, the financial advisors at Simon and Simon will help you address other considerations like your health and employment status that may indicate the best way and time to file.