US. 5 Benefits of Delaying Retirement
Delaying retirement can be a major sacrifice, especially if you’re eager to leave behind the working world and start enjoying a life of leisure as a senior. But it’s also a sacrifice worth making in many cases.
There are five huge benefits of putting off your departure from your job, all of which should be carefully considered before you decide to give notice.
1. You can make a delayed Social Security claim
The longer you wait to start your Social Security checks, the higher they’ll be — up until age 70. Claiming at your full retirement age (FRA) — which is between 66 and four months and 67 depending when you were born — can result in up to a 30% increase in benefits compared with starting checks at 62. And for each year you delay claiming benefits beyond FRA, you’ll get an additional 8% benefits bump until age 70.
You don’t necessarily have to delay retirement to put off making a Social Security claim. You could choose to leave the workforce without claiming your benefits — but only if you have plenty of money saved to cover all your expenses during the years you aren’t getting either a paycheck or a Social Security check.
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