Delaying taking Social Security can increase your payments significantly. Let's look at the numbers:
- Deciding when to take Social Security is one of the most critical decisions affecting your retirement.
- You may be eligible to claim Social Security at the age of 62, but you can significantly increase your payments by waiting longer:
- If you wait until age 66, your payments may be as much as 30 percent higher than if you start claiming at 62.
- If you wait until age 70, the monthly payments are at least 75 percent more than if you start claiming at 62.