How to Score an Extra $1,983 Per Social Security Check
There are a few different factors that determine your Social Security benefit, including how many years you've worked and how much you earned in your 35 highest-earning years. However, the factor that is most in your control as you approach retirement is the age at which you start collecting your benefits.
Most U.S. workers can choose to start their Social Security benefits as early as age 62 or as late as age 70. Of course, it isn't practical (or necessary) for everyone to wait until the last possible minute, but you might be surprised at how much of a difference your claiming age can make. In fact, if you're a lifelong high earner, waiting until age 70 can get you an extra $1,983 per Social Security check, or nearly $24,000 in extra inflation-protected income every year.
With that in mind, here's how your claiming age affects your benefits and why you might want to think twice before claiming early.
Source Fool.com
