When to start collecting Social Security benefits. Chapter 4.

You have three main options:

  • Start collecting early
  • Start collecting at full retirement age
  • Start collecting after full retirement age


Let’s discuss the third one: start collecting after full retirement age?


If you delay past full retirement age your benefits are increased 8% annually up to 32% through delayed retirement credits. Credits are available to age 70.


The Pros:


You receive a higher benefit amount than otherwise available at full retirement age.

Your surviving spouse is also eligible for the higher monthly benefit.


The Cons:


You could receive benefits for a shorter period of time depending on how long you live.

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