The Benefit Boost from Delaying Social Security

Delaying Social Security past age 62 increases your benefit by about 5 to 8 percent for each year you wait. For someone with a full retirement age of 67, claiming at 70 instead of 62 raises the monthly amount from roughly 70 percent to 124 percent of your primary insurance amount. That higher check arrives every month for the rest of your life, often adding well over $100,000 in total benefits if you live into your mid-80s.