• Living in Retirement
  • Social Security
  • Living in Retirement
  • Social Security
  • Living in Retirement
  • Social Security
  • Facebook.
  • Twitter.
  • LinkedIn.
  • Google Plus
  • Print

ANSWER: True.

Each year you delay your Social Security benefits past your full retirement age (up to age 70), you receive an 8% increase in benefits per year. The downside of delaying is that you are giving up payments today, to get higher payments in the future.

Delaying Social Security is beneficial for individuals expecting to live a longer-than-average life as you now receive higher benefits for a longer period of time. So, if you expect to live into your mid-80s or 90s, or are concerned about longevity, the best strategy is typically to defer benefits to age 70 in order to maximize your lifetime payments from Social Security.

  • Facebook.
  • Twitter.
  • LinkedIn.
  • Google Plus
  • Print

For more news you can use to help guide your financial life, visit our Insights page.


Votes are submitted voluntarily by individuals and reflect their own opinion of the article's helpfulness. A percentage value for helpfulness will display once a sufficient number of votes have been submitted.
close
Please enter a valid e-mail address
Please enter a valid e-mail address
Important legal information about the e-mail you will be sending. By using this service, you agree to input your real e-mail address and only send it to people you know. It is a violation of law in some jurisdictions to falsely identify yourself in an e-mail. All information you provide will be used by Fidelity solely for the purpose of sending the e-mail on your behalf.The subject line of the e-mail you send will be "Fidelity.com: "

Your e-mail has been sent.
close

Your e-mail has been sent.