Your Decision to Delay Social Security Could Backfire If This One Thing Happens
Many seniors depend on Social Security to provide the bulk of their retirement income. As such, many take steps to score as high a benefit as possible.
The monthly benefit you're entitled to during retirement is based on your wages during your 35 most highly paid years in the labor force. And you're then entitled to that benefit at full retirement age, or FRA. FRA begins at 66, 67, or somewhere in between, depending on your year of birth.
There's also the option to delay your filing past FRA. For each year you do, up until age 70, your benefit grows 8%. And to be clear, once you lock in that higher monthly benefit, it's yours to enjoy for life.
Source Fool.com
