Just One Social Security Move Could Add $100s to Your Monthly Check

Small increases in monthly retirement income can feel surprisingly powerful when you're living on a fixed budget. In a world of uncertain investment returns, wouldn't you like to know how to guarantee an extra $100, $200, or even $300 per month?

While most investment returns are not guaranteed, there is one Social Security move that could add $100s to your monthly check. Learn how claiming age impacts your Social Security benefits, how benefits are calculated, and what your boost to retirement income might look like.

The move that could add $100s to your benefits

Many retirees know that you can claim Social Security retirement benefits as early as age 62. However, you may not know that claiming early permanently reduces your monthly benefit by up to 30%. However, for every year that you delay filing for benefits, your monthly checks will increase.

When you reach full retirement age, you'll receive 100% of your earned benefits. For most current retirees and those about to retire, full retirement age is between 66 and 67.

Waiting beyond full retirement age is even more lucrative. For every year you delay past full retirement age, your monthly benefits increase by about 8% per year, up to age 70. After age 70, there is no additional increase for waiting longer.

Even if you aren't able to wait until age 70 to start claiming Social Security, every year that you can delay boosts your retirement income permanently.

Why delaying increases your benefits

Your Social Security benefit is based on your highest 35 years of earnings, adjusted for inflation. The Social Security Administration (SSA) calculates your primary insurance amount (PIA) based on your earnings history. This is what you receive at full retirement age.

If you claim early, the SSA reduces your benefit because you'll receive more checks over your lifetime. If you wait to claim after your full retirement age, your monthly benefit grows as you'll be receiving fewer checks overall.

Imagine that your benefit at full retirement age (67) is $2,000 per month. If you claim at 62, your benefit could drop to $1,400. However, if you wait until age 70, your benefit could rise to about $2,480 per month. That's a 24% increase above your full retirement benefit.

Delaying your Social Security benefits from 62 to age 70 could be a $1,000 monthly swing in your retirement income. For most retirees, that extra income would make a world of difference in their retirement lifestyle and calm their fears about running out of money in retirement.

Why this move has an outsized impact

The power of delaying when you file for Social Security benefits comes from three key factors.

The increase is permanent

Delayed retirement credits are not temporary bonuses. Once your higher benefit is locked in, that amount becomes your new baseline for life.

Cost-of-living adjustments build on a larger base

Annual cost-of-living adjustments (COLA) from Social Security increase your monthly checks. The SSA applies COLAs as a percentage increase, and every retiree receives the same percentage. However, the actual dollar increase you receive can be dramatically different from that of other retirees based on the size of your monthly Social Security benefit.

If your benefit is $2,400 instead of $1,800, every future COLA is applied to the larger number. Over time, that compounds the advantage of delaying and can add up to hundreds of dollars per year.

It can increase survivor benefits

If you are married, delaying your benefit may also increase what a surviving spouse could receive. The surviving spouse generally receives the higher of the two benefits – the surviving spouse benefit or the benefit based on their own work history. A larger delayed benefit can therefore translate into more protection for your household.

This is one reason financial planners often look carefully at who in a couple should delay, especially if one makes substantially more money than the other.

Why many people still claim early

Despite the clear math showing that this one Social Security move can add hundreds to your monthly income, many Americans still claim benefits at 62.

Every retiree's situation is different, and their reasons for claiming early may include health concerns, job loss, immediate income needs, or shorter life expectancy.

You may get a larger benefit by waiting, but delaying isn't always the right move. Understanding what it means to claim at different ages gives you the information you need to make an informed choice. When you take a long-term view and add up what the difference is over 20 or 30 years of retirement, the gap in benefits becomes more obvious.

Putting the numbers in perspective

Suppose delaying increases your benefit by $300 per month, which is $3,600 per year. Over 10 years, that's an extra $36,000. In 20 years, you'll have $72,000 more because you delayed filing for Social Security. Neither of these totals factors in the additional money from the COLA increases, either.

For retirees who are worried about outliving their savings, a higher guaranteed monthly benefit can act like a form of longevity insurance. Social Security is backed by the federal government, and benefits are designed to last for life.

When you delay, you are effectively purchasing a larger lifetime annuity from the government without writing a separate check.

Bottom line

If you are looking for one Social Security move that could add hundreds of dollars to your monthly check, delaying your claim until full retirement age or even age 70 is a powerful way to increase retirement security.

By waiting, you avoid permanent early-claim reductions and earn delayed retirement credits that can increase your benefit by up to 8% per year. That higher monthly amount lasts for life, compounds with future cost-of-living adjustments, and may even boost survivor benefits for a spouse.

Delaying your claim even just a bit could help you more easily manage money in the future and enjoy a stress-free retirement.

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