When do you think you will be entitled to social security?
You may apply for Social Security benefits from age 62, but if you apply at that age, your monthly benefit will be reduced. Once you reach full retirement age (66, 67, or anywhere in between), you’ll be eligible for your full monthly benefit based on your income history.
If you want to get the maximum monthly Social Security benefit, you must defer your application until the age of 70. For every year that you wait to claim benefits after full retirement age, those payments will increase by 8%. Once you turn 70, that incentive will run out, but if you want that maximum benefit, you’ll have to wait until then.
Should You Worry About Getting the Maximum Monthly Social Security Benefit?
While you can make the decision to delay your Social Security application for as long as possible, you may not be in control of what your pay looks like throughout your career. As such, you may not get that maximum monthly benefit once you retire.
But that need not be a concern. First, if you work to increase your pay as much as possible during your career, you can get a higher benefit later on. Also, delaying your application until age 70 will still result in a more generous monthly payday for life.