Here's What Delaying Social Security by a Year Could Do for You
You'll often hear that it's important to save diligently for retirement and not rely too heavily on Social Security to cover your senior living costs. But some people struggle to save during their careers, for a variety of reasons. And so if you're nearing retirement and aren't particularly happy with your savings balance, you could end up more dependent on Social Security than you'd like to be.
The good news, though, is that filing for benefits strategically could result in a lot more money for you throughout retirement. In fact, delaying your Social Security claim by just one year could spell the difference between struggling with bills and staying afloat.
The Social Security benefit you're eligible for in retirement will hinge on what your wages look like during your 35 highest-paid years in the labor force. From there, you're entitled to that complete monthly benefit once you reach full retirement age, or FRA.
Source Fool.com
