Boost Your Social Security Benefits by Up to 77%: How Delaying Payments Can Pay Off
How to Increase Social Security Payments – Options for Those Who Started Benefits Early
The Motley Fool says that a lot of retirees might not know that there are two special rules about Social Security that can make their payments much higher. If you wait until 70 to start getting Social Security after 62 years, you can get up to 77% more each month. Because if you wait, the benefits will be bigger than if you start early.
You can choose to make your payments bigger if you started getting benefits early and now wish you hadn’t. You can stop getting benefits and apply again later to get more money because you waited longer. You have to pay back any rewards you’ve already gotten and make your request within a year.
Increase Your Social Security Payments by 24% with the Suspension Rule at Full Retirement Age
Retirees who are at least 66 years old can also use a delay rule to get more money from their benefits. You can get up to 24% more each month if you stop getting benefits when you hit full retirement age and start getting them again when you turn 70. This way, you can make more money later without giving up the perks of starting early.