Maximizing Social Security Benefits

For most retirees, Social Security benefits are designed to replace approximately 40% of pre-retirement income; however, many seniors depend on their benefits to cover the majority of their bills. If you want fatter checks each month, you can delay claiming benefits until after your FRA to receive a bonus amount. This bonus can be substantial; those with an FRA of 67 can receive their full benefit amount plus an additional 24% each month by waiting to claim until age 70. If your FRA is earlier than age 67, you can receive an even bigger bonus by holding off on claiming for as long as you can.

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