3. How to Live on Social Security Alone: Consider Waiting Until Age 70 to Claim Social Security
A great strategy that may be the answer to how to live on Social Security alone is delaying signing up for retirement benefits. You can maximize your monthly Social Security payments if you wait to claim after reaching full retirement age.
If you were born between 1946 and 1964, you can boost your monthly payments by up to 32% if you don’t sign up for Social Security until age 70. This increases the Social Security payment you’d get at age 66 from $1,000 to $1,320 if you were to wait until age 70.
Financial experts strongly recommend deferring taking your benefits for as long as possible. If you do so, you’ll be receiving an inflation-protected income that lasts for life.
One important thing to mention here is that retirement payments boost for each month you delay getting them up until age 70.
Leave a Reply