2. Delay Your Benefits

Currently, the full retirement age is 66 years and a few months, or 67 years for those born after 1960. You may not know you don’t have to claim your benefits when you hit your full retirement age. If you delay claiming Social Security until you’re 70 years old, you can increase your benefits. For each year spent not claiming your benefits after your full retirement age, your Social Security earnings increase by about 8%, capping at age 70. That is a pretty significant jump in earnings.

delay benefits increase your Social Security payments

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