Social Security sign-up is a big deal. You must think at least twice before you start the process to avoid any hassle or error. Not only that, once you start receiving the benefits, there is no turning back on your decision.
This is why we are here to give you three reasons that will make you take a deep breath before you make this decision. Rather, here are three reasons to put off Social Security until 2023.
More Per Check On Social Security
If you are still under the age of 70, delaying the Social Security check has the potential to increase your check size. In today’s working environment, the full retirement age is between 66-67. Delaying the benefits by just one year can boost the check size from 5-8%. In numeric terms, the average monthly social security benefit is $1658, and it can rise anywhere from $83-$133.
Earn larger benefit For A Lifetime
Delaying benefits means that you have the potential to receive fewer checks. At the same time, each of these checks will have a larger amount for the lifetime. Though delaying the social security benefit might not be advisable, you have the bills to pay. So, even if you cannot deal with the delayed benefits for long, a few months is still advisable.
No Need To Worry About Earning Test
People working can try out the Social Security Earning Test if they claim benefits under FRA. Those who reached their FRA in 2022 will only lose $1 for every $3 they earn over $51960, and the amount should be touched before the birthday.
Though this money is not gone and will be handed over back when you reach the FRA. So, if you are not in need of the Social Security checks right away, it is always a better decision to delay the same. This way, you will be able to gain more money per check. So, make a better decision regarding Social Security and enjoy the benefits in the long run.
