You probably already know that postponing your Social Security retirement benefits will make your eventual payments bigger. Specifically, as things stand right now, for every month after reaching your official full retirement age (or FRA) that you wait to claim, your future payments grow to the tune of 2/3 of 1%. That’s 8% per year, for a little more meaningful perspective, which isn’t a bad little pay bump.
And the program will continue adding this credit every month you postpone your payments all the way until you turn 70. With the average monthly Social Security check now worth $1,976, waiting this long to file for benefits can mean a few hundred extra bucks per month. It’s easier said than done, however. Life’s realities — like health issues or expenses — can get in the way.
With that as the backdrop, here’s a look at three things you can do to help yourself delay claiming Social Security’s retirement payments for as long as possible, beefing up the size of your checks once you do decide to initiate these well-earned benefits.