Did you know that if you're willing to defer collecting retirement benefits from Social Security, you can actually boost the amount of your monthly benefit when you actually do start to collect them?
The percentage by which you might boost your Social Security check can be pretty substantial, which is what our latest tool can help you determine. Just select the age at which you are currently considering to begin taking Social Security benefits and the age to which you might consider putting off collecting them, and we'll tell you how much bigger your monthly benefits check might be as a result.
And it doesn't matter if you're planning to retire early and apply for benefits at Age 62 or are planning to wait until your normal retirement age - if you're planning to retire before you reach Age 70, when you will have to begin taking Social Security benefits no matter what, we can estimate how different your monthly benefits check will be!
If you're reading this article on a site that republishes our RSS news feed, click here to access a working version of this tool!
If you want to put that percentage difference into more concrete terms, we encourage you to take advantage of Social Security's retirement benefit estimator to see what that might mean to you in terms of actual dollars.
Just remember that if you will be receiving Social Security benefits after 2032, when all Social Security benefits will be cut after the program's Old Age and Survivors Insurance trust fund runs out of money, you will need to multiply your result by 0.77 (or 77%) to reflect how much of your monthly benefit will remain after the promised cuts take place.
References
Shoven, John. Efficient Retirement Design. Stanford Institute for Economic Policy Research. [PDF Document]. March 2013.
Labels: social security, tool
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