This Social Security Statistic Is Shocking
The monthly benefit you receive from Social Security in retirement is based on your earnings during your 35 highest-paid years in the workforce. But you actually have the power to raise that benefit substantially. All you need to do is delay your filing until age 70 to score the maximum boost you can collect.
Once you reach full retirement age (FRA), you're entitled to your full monthly benefit based on your earnings history. FRA is either 66, 67, or somewhere in between, depending on your year of birth. But if you hold off on taking benefits past FRA, you'll accrue delayed retirement credits that are worth 8% a year.
Once you turn 70, those credits can no longer accrue. But if you're looking at an FRA of 66, you have an opportunity to give yourself a 32% raise. If your FRA is 67, you can snag a 24% raise. And to be clear, that's a raise for life.
Source Fool.com
