When to start collecting Social Security benefits. Chapter 4.

You have three main options:

  • Start collecting early
  • Start collecting at full retirement age
  • Start collecting after full retirement age

 
Let’s discuss the third one: start collecting after full retirement age?
 
If you delay past full retirement age your benefits are increased 8{030251e622a83165372097b752b1e1477acc3e16319689a4bdeb1497eb0fac93} annually up to 32{030251e622a83165372097b752b1e1477acc3e16319689a4bdeb1497eb0fac93} through delayed retirement credits. Credits are available to age 70.
 
The Pros:
 
You receive a higher benefit amount than otherwise available at full retirement age.
Your surviving spouse is also eligible for the higher monthly benefit.
 
The Cons:
 
You could receive benefits for a shorter period of time depending on how long you live.

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