Future Retirees Will Have Fewer Chances to Boost Their Social Security Benefit

If you want to maximize the chances of a financially secure retirement, you may decide to put off claiming Social Security -- even after first becoming eligible for benefits at the age of 62 -- to increase the size of your benefit checks.

Aiming for the largest payment possible can be smart for a few reasons. Social Security is guaranteed to last for life, unlike savings which can run dry. Although the formula isn't perfect, cost of living adjustments built into the program mostly help preserve the buying power benefits offer so you don't lose much ground due to inflation.

Unfortunately, future retirees won't have as many options as their older peers to increase the income these retirement benefits provide. Here's why.

Source Fool.com