How to Lock in a Permanent 24% Raise to Social Security Checks

🔐Delaying your Social Security benefits past your full retirement age can result in a permanent 24% increase in your monthly checks.

💰The increase in benefits is in addition to the annual cost-of-living adjustment (COLA), compounding the financial benefit.

📅Each month you delay claiming benefits after your full retirement age results in a 0.667% increase in your monthly benefits.

🔄Claiming benefits as early as age 62 will result in a reduction in monthly benefits, while waiting until age 70 offers no additional increase.

⏳The decision to delay benefits should take into account factors such as life expectancy, financial stability, and other sources of income.

How much of an increase can I expect by delaying my Social Security benefits?

—By delaying benefits past your full retirement age, you can secure a permanent 24% increase in your monthly Social Security checks.

Is the increase in benefits in addition to the annual cost-of-living adjustment (COLA)?

—Yes, the 24% increase is on top of the annual COLA, compounding the financial benefit.

How does delaying benefits affect the amount I receive each month?

—For each month you delay claiming benefits after your full retirement age, your monthly benefits will increase by 0.667%.

What is the optimal age to start claiming Social Security benefits?

—The optimal age to start claiming benefits depends on your individual circumstances, including life expectancy, financial stability, and other sources of income.

What happens if I claim benefits before my full retirement age?

—If you claim benefits before your full retirement age, your monthly benefits will be reduced. Waiting until age 70 offers no additional increase.

00:00In this video, we discuss how you can lock in a permanent 24% raise to your Social Security checks.

01:03The increase in benefits is in addition to the annual cost-of-living adjustment (COLA), compounding the financial benefit.

04:08Each month you delay claiming benefits after your full retirement age results in a 0.667% increase in your monthly benefits.

05:58Claiming benefits as early as age 62 will result in a reduction in monthly benefits, while waiting until age 70 offers no additional increase.

08:25The decision to delay benefits should take into account factors such as life expectancy, financial stability, and other sources of income.