You probably know that it pays to wait if you want to score the biggest Social Security check possible. You can get your first check as early as 62, though you won’t be eligible for your full benefit until full retirement age (FRA), which is 67 if you were born in 1960 or later.
But if you can hold off until your FRA, it may be worth it to wait just that extra bit longer before you start pocketing those Social Security benefits. Here’s exactly what you need to do in order to squeeze an extra 24% out of Social Security.
How to boost your Social Security by 24%
To maximize your Social Security benefit, you need to earn more money, work at least 35 years, and delay your benefit for as long as possible.
If you take Social Security at 62, your benefit will be about 30% lower than it would be if you waited until FRA. But you don’t have to start benefits at your FRA.
In fact, holding out beyond FRA can be quite lucrative. You’ll earn an 8% delayed retirement credit for every year you wait past your FRA. Then, your benefits cap out at age 70, at which point there’s no reason to wait any longer. If your FRA is 67, delaying until age 70 would add 24% to your benefit.
| Claiming Age | Maximum Social Security Benefit in 2022 |
|---|---|
|
62 |
$2,364 |
|
67 |
$3,345 |
|
70 |
$4,194 |
Data source: Social Security Administration
One exception: If you’re taking spousal benefits, you won’t be able to earn delayed retirement credits. You’ll receive your maximum benefit at FRA.
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