Mark Kohler explains why delaying Social Security until 70 pays off. Claim before your full retirement age and you lose benefits. Wait until 70 and you get roughly 24% more: $1,779 a month becomes about $2,200, an extra $500 monthly.
The government does not want you to retire early, the benefit generally is not great. Some may even say sucks. And if you try and take it early, before age 62, you get hit with a penalty, a reduction for all the money you earn and it's still taxed. You know what the government does give you is a carrot. They say, hey, if you'll wait till you're age 70, don't take it early. But if you wait from 67 to age 70 and just wait three years, we're going to increase your Social Security by 8% percent for the rest of your life for every year you wait up until age 70. So it's a three year, three year bump. So three times eight, that's a 24% increase. 1779 times 1.24 goes up to 2200. So that 1700 you were going to get on average, which would be reduced if you took it before 67. But if you can just wait three years until age 70, it's going to go up by 500 bucks for the rest of your life.
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