{"id":100356,"date":"2024-12-31T07:54:14","date_gmt":"2024-12-31T12:54:14","guid":{"rendered":"https:\/\/en.econostrum.info\/?p=100356"},"modified":"2024-12-31T07:54:16","modified_gmt":"2024-12-31T12:54:16","slug":"delaying-social-security-heres-how-much-more-you-could-receive","status":"publish","type":"post","link":"https:\/\/en.econostrum.info\/delaying-social-security-heres-how-much-more-you-could-receive\/","title":{"rendered":"The Surprising Payoff of Delaying Social Security: Here’s How Much More You Could Receive"},"content":{"rendered":"\n

Millions of Americans rely on Social Security<\/strong> as a primary income source in retirement. According to a 2024 report from the Transamerica Center for Retirement Studies<\/strong>, 43% of baby boomers expect it to be their main financial resource in their later years. But the age you claim your benefits significantly impacts how much you\u2019ll receive\u2014sometimes by hundreds of dollars per month. Here’s what you need to know.<\/p>\n\n\n\n

How Age Affects Your Social Security Benefits<\/h2>\n\n\n\n

The age at which you claim Social Security benefits<\/a><\/strong> determines your monthly payout. If you claim benefits before your full retirement age (FRA)<\/strong>, your checks will be permanently reduced. Conversely, delaying benefits past your FRA will increase your payments.<\/p>\n\n\n\n

Understanding Your Full Retirement Age<\/h3>\n\n\n\n

Your FRA is the age at which you qualify to receive 100% of your earned benefits. This varies by birth year:<\/p>\n\n\n\n