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Waiting until 70 can raise Social Security benefits for some retirees
The outlet cites a financial advisor saying delayed retirement credits can add about a 24.0% increase versus claiming earlier, with survivor benefits also rising.
Yahoo Finance frames Social Security as part of a “three-legged stool” of benefits, pensions, and savings, noting that many workers today lack a pension and that retirement account balances among 65 year olds average $103,202.
The story uses an example of a retiree with a $100,000 pension and $1 million invested, describing a decision between claiming Social Security at 67 or delaying until 70 to maximize benefits that begin from full retirement age.
Yahoo Finance says the “math on waiting” reflects delayed retirement credits available between full retirement age and 70, which it reports as an 8.0% step up each year and, in the example, about a 24.0% increase from what it would be if claimed earlier.
The article also adds that delayed credits can increase survivor benefits for a spouse, and that it references multiple studies finding that roughly 90% of people receive more lifetime benefits by claiming at 70.