{"id":403,"date":"2020-03-19T19:31:00","date_gmt":"2020-03-19T19:31:00","guid":{"rendered":"https:\/\/www.simplywise.com\/blog-2023\/?p=403"},"modified":"2023-06-22T20:33:06","modified_gmt":"2023-06-22T20:33:06","slug":"delaying-social-security-retirement-benefits","status":"publish","type":"post","link":"https:\/\/www.simplywise.com\/blog\/delaying-social-security-retirement-benefits\/","title":{"rendered":"Delaying Social Security Retirement Benefits"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"403\" class=\"elementor elementor-403\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a9bc763 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a9bc763\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a773a7f\" data-id=\"a773a7f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-951a634 elementor-widget elementor-widget-text-editor\" data-id=\"951a634\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.13.3 - 28-05-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>If you\u2019re thinking about claiming Social Security benefits early given the current economic climate, you may want to consider your other options before deciding.<\/p><p>In fact, there are important factors to weigh as you\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/social-security-retirement-benefits\/\/core-roadmap\" target=\"_blank\" rel=\"noopener\">consider your retirement<\/a>\u00a0and when to claim.\u00a0Your monthly benefit from\u00a0Social Security\u00a0can considerably vary depending on what age you choose to start your benefits.<\/p><ul><li>If you claim your monthly benefit\u00a0<b><i>befo<\/i><\/b><b><i>re<\/i><\/b>\u00a0your\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/what-is-full-retirement-age-for-social-security\/\" target=\"_blank\" rel=\"noopener\">Full Retirement Age<\/a>\u00a0(and\u00a0you can start claiming your\u00a0Social Security\u00a0benefits as early as 62), your monthly benefit will be lower. However, you will receive it for a longer period of time.\u00a0<\/li><li>If you claim your monthly benefit\u00a0<b><i>after\u00a0<\/i><em>reaching<\/em><\/b>\u00a0your Full Retirement Age, you\u2019ll receive what is called \u201cDelayed Retirement Credits\u201d. DRCs translate to a much larger monthly check (though for a shorter period of time).<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b89bbe8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b89bbe8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ae0752f\" data-id=\"ae0752f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2843c5d elementor-widget elementor-widget-template\" data-id=\"2843c5d\" data-element_type=\"widget\" data-widget_type=\"template.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-template\">\n\t\t\t\t\t<div data-elementor-type=\"section\" data-elementor-id=\"196\" class=\"elementor elementor-196\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-339b45e0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"339b45e0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3f771e94\" data-id=\"3f771e94\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-44435407 elementor-cta--skin-classic elementor-animated-content elementor-bg-transform elementor-bg-transform-zoom-in elementor-widget elementor-widget-call-to-action\" data-id=\"44435407\" data-element_type=\"widget\" data-widget_type=\"call-to-action.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<link rel=\"stylesheet\" href=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/elementor\/css\/custom-pro-widget-call-to-action.min.css?ver=1764022918\">\t\t<a class=\"elementor-cta\" href=\"https:\/\/simplywise.app.link\/Iv0wVANrvfb\">\n\t\t\t\t\t\t\t<div class=\"elementor-cta__content\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-content-item elementor-cta__content-item elementor-icon-wrapper elementor-cta__icon elementor-view-default\">\n\t\t\t\t\t\t<div class=\"elementor-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"far fa-lightbulb\"><\/i>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<h2 class=\"elementor-cta__title elementor-cta__content-item elementor-content-item\">DID YOU KNOW?<\/h2>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__description elementor-cta__content-item elementor-content-item\">\n\t\t\t\t\t\tRetirement is 99% easier when your paperwork is organized. \n\nJoin 250,000+ Americans securely storing their important receipts, bills &amp; documents with the SimplyWise app.\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__button-wrapper elementor-cta__content-item elementor-content-item \">\n\t\t\t\t\t<span class=\"elementor-cta__button elementor-button elementor-size-md\">\n\t\t\t\t\t\tGet the App\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-fa7828b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fa7828b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8b3b320\" data-id=\"8b3b320\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-26cfa68 elementor-widget elementor-widget-text-editor\" data-id=\"26cfa68\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h2><strong>What are delayed retirement credits and how do they work?<\/strong><\/h2><p>There are a few considerations to make before waiting to claim your Social Security monthly check. Of course, you can simplify your life and use a\u00a0<a href=\"https:\/\/www.simplywise.com\/\">retirement calculator<\/a>\u00a0to help you decide. But it can also be helpful to understand the options for yourself.\u00a0<\/p><p>First, you must know your\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/what-is-full-retirement-age-for-social-security\/\">Full Retirement Age<\/a>\u00a0(FRA), which is based on your birth year (<a href=\"https:\/\/www.simplywise.com\/blog\/what-is-full-retirement-age-for-social-security\/\">find your FRA here<\/a>).\u00a0<\/p><p>Then use the \u201cDelayed Retirement Credits\u201d\u00a0table below\u00a0to calculate how much your monthly benefit would increase each month or year. Note that depending on the year you were born, the rates vary.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-459de92 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"459de92\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-657a73a\" data-id=\"657a73a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-fccf263 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fccf263\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-ec48592\" data-id=\"ec48592\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-011be74 elementor-widget elementor-widget-text-editor\" data-id=\"011be74\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>If you were born after 1943, then for every month past your FRA that you postpone filing for your benefits, Social Security will increase your benefits by \u2154 of 1%.\u00a0This comes out to an\u00a0<b>8% increase<\/b>\u00a0in your benefits for every year that you wait.\u00a0<\/p><p>You read that right: an 8% per year. Where else can you find such a safe,\u00a0<i>guaranteed<\/i>\u00a0rate?\u00a0<\/p><p>So,\u00a0<b>if you can afford it<\/b>, waiting has its perks.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-9625b86\" data-id=\"9625b86\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4e46fab elementor-widget elementor-widget-image\" data-id=\"4e46fab\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.13.3 - 28-05-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"545\" src=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2020\/03\/Screen-Shot-2023-06-15-at-2.33.40-PM.png\" class=\"attachment-large size-large wp-image-406\" alt=\"\" srcset=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2020\/03\/Screen-Shot-2023-06-15-at-2.33.40-PM.png 664w, https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2020\/03\/Screen-Shot-2023-06-15-at-2.33.40-PM-300x255.png 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3fdd919 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3fdd919\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6daacbe\" data-id=\"6daacbe\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-778be20 elementor-widget elementor-widget-text-editor\" data-id=\"778be20\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Note that waiting pays off even if your Social Security benefit is larger than your maximum monthly benefit. That is, even if you expect to receive $3,011 each month (which is the maximum monthly benefit for someone retiring in 2020), you are still able to take advantage of delayed retirement credits. This is true despite the fact that technically, you would be receiving more than the maximum amount<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-83f0614 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"83f0614\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-80f1caa\" data-id=\"80f1caa\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ab4ca24 elementor-widget elementor-widget-image\" data-id=\"ab4ca24\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"669\" src=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2023\/06\/DRCs-2-979x1024.png\" class=\"attachment-large size-large wp-image-407\" alt=\"delayed retirement credits\" srcset=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2023\/06\/DRCs-2-979x1024.png 979w, https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2023\/06\/DRCs-2-287x300.png 287w, https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2023\/06\/DRCs-2-768x804.png 768w, https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2023\/06\/DRCs-2-1468x1536.png 1468w, https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2023\/06\/DRCs-2-1957x2048.png 1957w, https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2023\/06\/DRCs-2.png 1959w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-255a939 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"255a939\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c1f6857\" data-id=\"c1f6857\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1e729ee elementor-widget elementor-widget-text-editor\" data-id=\"1e729ee\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h2><strong>How are delayed retirement benefits calculated?<\/strong><\/h2><p>Let\u2019s take an example, because that chart above can be confusing.<\/p><p>One of our users, who we\u2019ll call Karen, was born in 1960, so as of this writing she is 60 years old. Full Retirement Age for someone born in 1960 (or after) is 67.\u00a0So Karen could collect her Social Security benefits at 67 and receive her Primary Insurance Amount (PIA) of $1000\/month.\u00a0<\/p><p>However, Karen recently started making additional income from Airbnb\u2019ing her home in Florida. With the extra $1,200 she earns every month renting her condo, she is considering delaying her retirement until 70.<\/p><p>Now let\u2019s do the math. We first must calculate how many additional years\/months for which she will benefit from the delay.\u00a0<\/p><p>If she waits until she is 70, that is 3 years past her Full Retirement Age of 67.\u00a0<\/p><p>According to the\u00a0<a href=\"https:\/\/www.ssa.gov\/planners\/retire\/delayret.html\" target=\"_blank\" rel=\"noopener\">Delayed Retirement Credits<\/a>\u00a0table above, because she\u2019s born\u00a0<i>after<\/i>\u00a01943, her benefit will increase by 8% per year (or \u2154 of 1% per month). To calculate the amount her benefits will increase from delaying until 70, we multiply her\u00a0<b>monthly PIA<\/b>\u00a0by the\u00a0<b>8% increase per year<\/b>, times the\u00a0<b>number of years she is delaying<\/b>. That is: $1000 x 8% per year x 3 years, which comes to $240.\u00a0<\/p><p>By delaying retiring until 70, her monthly benefit will become $1,240 (vs. $1000). That is 124% larger than it would be if she claimed her benefits at her Full Retirement Age. The table below illustrates how her monthly benefits will increase for every year she waits to collect.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7a5a110 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7a5a110\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4953a9a\" data-id=\"4953a9a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8a7ba5e elementor-widget elementor-widget-image\" data-id=\"8a7ba5e\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"930\" src=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2023\/06\/benefits-2-705x1024.png\" class=\"attachment-large size-large wp-image-408\" alt=\"\" srcset=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2023\/06\/benefits-2-705x1024.png 705w, https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2023\/06\/benefits-2-206x300.png 206w, https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2023\/06\/benefits-2-768x1116.png 768w, https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2023\/06\/benefits-2-1057x1536.png 1057w, https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2023\/06\/benefits-2-1409x2048.png 1409w, https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2023\/06\/benefits-2.png 2009w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-914d8da elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"914d8da\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-08a3972\" data-id=\"08a3972\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b08b516 elementor-widget elementor-widget-text-editor\" data-id=\"b08b516\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h2><strong>Other considerations to delaying your retirement benefits<\/strong><\/h2><p>Delaying Social Security retirement benefits until 70 might work for Karen, but that doesn\u2019t mean it\u2019s the right path for everyone.\u00a0<\/p><p>One of the most important considerations to deciding whether to claim benefits early, on time, or delayed is the state of your health and what you believe your life expectancy to be. If you are not in good health, or if you have a life-threatening or terminal illness, it may make sense to claim your benefits earlier.\u00a0<\/p><p>You should also be sure that you will have enough income to support you if you decide to delay benefits.\u00a0<a href=\"http:\/\/www.simplywise.com\/\" target=\"_blank\" rel=\"noopener\">SimplyWise<\/a>\u00a0helps connect people to new sources of income and cost-savings every day, from finding jobs to reducing their debt, so don\u2019t hesitate to\u00a0reach out to us on chat\u00a0if we can be helpful.\u00a0<\/p><p>Finally, if you\u2019re an exceptionally savvy investor, you might even consider the possibility of collecting the money at your FRA and investing it\u2013if you believe you can beat the 8% annual return you\u2019ll receive from waiting. Of course, there are risks associated with any kind of investment strategy, but this is certainly an option.\u00a0<\/p><h2><strong>Delaying Social Security past age 70<\/strong><\/h2><p>Many people ask what their benefit would be if they waited until past the age of 70. So it\u2019s important to point out that there is\u00a0<a href=\"https:\/\/www.ssa.gov\/planners\/retire\/1943-delay.html\" target=\"_blank\" rel=\"noopener\">no reason to wait past the age of 70<\/a><b>\u00a0to collect your Social Security benefit.\u00a0<\/b>The window of gains to be made from delaying Social Security retirement benefits is between your Full Retirement Age and 70 years old. That\u2019s it.<\/p><h2><strong>Takeaways<\/strong><\/h2><p>This is certainly a difficult time for everyone, and it can be tempting\u00a0to go for Social Security benefits first. But you should educate yourself and consider all your options first.\u00a0<\/p><p>While the Social Security Administration can be confusing to navigate, it allows for some choice around claiming your benefits, and understanding your options will give you greater control over the decisions that are right for you and your finances at this time.<\/p><p>When to begin collecting your benefits depends on your own unique situation. If you have health problems, a disability, or generally need the money right now, it can make sense to claim your benefits early.\u00a0\u00a0<\/p><p>On the other hand, if you are in a position where you can afford to wait, it can pay to\u00a0delay receiving Social Security benefits past full retirement age.\u00a0<\/p><p>Increasingly, online\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/\"><b>Social Security blogs<\/b><\/a>\u00a0and\u00a0<a href=\"https:\/\/www.simplywise.com\/\"><b>free calculators<\/b><\/a>\u00a0are emerging to help people avoid costly mistakes (we believe the SimplyWise Calculator is the best). Hopefully, with better education around the topic, Americans can maximize what they\u2019ve earned.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-29bd1f6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"29bd1f6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8547b70\" data-id=\"8547b70\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-eb59c44 elementor-widget elementor-widget-template\" data-id=\"eb59c44\" data-element_type=\"widget\" data-widget_type=\"template.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-template\">\n\t\t\t\t\t<div data-elementor-type=\"section\" data-elementor-id=\"196\" class=\"elementor elementor-196\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-339b45e0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"339b45e0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3f771e94\" data-id=\"3f771e94\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-44435407 elementor-cta--skin-classic elementor-animated-content elementor-bg-transform elementor-bg-transform-zoom-in elementor-widget elementor-widget-call-to-action\" data-id=\"44435407\" data-element_type=\"widget\" data-widget_type=\"call-to-action.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<a class=\"elementor-cta\" href=\"https:\/\/simplywise.app.link\/Iv0wVANrvfb\">\n\t\t\t\t\t\t\t<div class=\"elementor-cta__content\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-content-item elementor-cta__content-item elementor-icon-wrapper elementor-cta__icon elementor-view-default\">\n\t\t\t\t\t\t<div class=\"elementor-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"far fa-lightbulb\"><\/i>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<h2 class=\"elementor-cta__title elementor-cta__content-item elementor-content-item\">DID YOU KNOW?<\/h2>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__description elementor-cta__content-item elementor-content-item\">\n\t\t\t\t\t\tRetirement is 99% easier when your paperwork is organized. \n\nJoin 250,000+ Americans securely storing their important receipts, bills &amp; documents with the SimplyWise app.\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__button-wrapper elementor-cta__content-item elementor-content-item \">\n\t\t\t\t\t<span class=\"elementor-cta__button elementor-button elementor-size-md\">\n\t\t\t\t\t\tGet the App\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>If you\u2019re thinking about claiming Social Security benefits early given the current economic climate, you may want to consider your other options before deciding. In fact, there are important factors to weigh as you&nbsp;consider your retirement&nbsp;and when to claim.&nbsp;Your monthly benefit from&nbsp;Social Security&nbsp;can considerably vary depending on what age you choose to start your benefits. [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":404,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-403","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Delaying Social Security Retirement Benefits - SimplyWise Cost Estimator<\/title>\n<meta name=\"description\" content=\"Coronavirus may have you thinking of claiming early\u2013but by delaying until Full Retirement Age, you&#039;ll receive a much larger check from social security...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.simplywise.com\/blog\/delaying-social-security-retirement-benefits\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Delaying Social Security Retirement Benefits - SimplyWise Cost Estimator\" \/>\n<meta property=\"og:description\" content=\"Coronavirus may have you thinking of claiming early\u2013but by delaying until Full Retirement Age, you&#039;ll receive a much larger check from social security...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.simplywise.com\/blog\/delaying-social-security-retirement-benefits\/\" \/>\n<meta property=\"og:site_name\" content=\"SimplyWise Cost Estimator\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-19T19:31:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-22T20:33:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2023\/06\/should-i-delay-my-retirement.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"637\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Allie Fleder\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Allie Fleder\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.simplywise.com\/blog\/delaying-social-security-retirement-benefits\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.simplywise.com\/blog\/delaying-social-security-retirement-benefits\/\"},\"author\":{\"name\":\"Allie Fleder\",\"@id\":\"https:\/\/www.simplywise.com\/blog\/#\/schema\/person\/e1e876d7736d540f0047b6adc84e2ba1\"},\"headline\":\"Delaying Social Security Retirement Benefits\",\"datePublished\":\"2020-03-19T19:31:00+00:00\",\"dateModified\":\"2023-06-22T20:33:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.simplywise.com\/blog\/delaying-social-security-retirement-benefits\/\"},\"wordCount\":1139,\"publisher\":{\"@id\":\"https:\/\/www.simplywise.com\/blog\/#organization\"},\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.simplywise.com\/blog\/delaying-social-security-retirement-benefits\/\",\"url\":\"https:\/\/www.simplywise.com\/blog\/delaying-social-security-retirement-benefits\/\",\"name\":\"Delaying Social Security Retirement Benefits - 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