2 Mistakes You Might Make When Chasing a Higher Social Security Benefit
Many seniors end up relying heavily on Social Security once their retirement kicks off. And you might become especially dependent on Social Security if you don't manage to accumulate a lot of savings during your working years.
Unfortunately, the latter situation is one many people land in. Socking money away for retirement can be tricky when life's expenses get in the way. But if you're out of time to build savings, your next best bet may be to try to get more money out of Social Security. And delaying your filing might seem like the best solution in that regard.
You're entitled to your complete Social Security benefit based on your personal earnings history once you reach full retirement age, or FRA. FRA is 67 for anyone born in 1960 or later. But for each month you delay your filing, up until age 70, you have the potential to give your benefits a boost. And that boost will remain in effect for the rest of your life.
Source Fool.com
