"Maximizing Your Social Security Benefit: The Impact of Claiming Age on Retirement Income"
If you're considering retiring at 70 and claiming Social Security, you could receive a maximum monthly benefit of $4,873, but this requires a 35-year history of high wages meeting or exceeding the annual Social Security wage cap. Delaying your filing until 70 can result in an 8% increase in your monthly benefit for each year beyond your full retirement age, providing a permanent boost to your income. Even if you're not eligible for the maximum benefit, delaying your filing can still significantly improve your retirement finances. Working longer and increasing your wages at the end of your career can further enhance your monthly benefit, making it a wise move for those needing Social Security to cover the bulk of their senior living expenses.
