Three Ways to Delay Claiming Social Security Benefits

With Americans living longer these days, maximizing your Social Security is more important than ever. Here are some ways to make the most of your benefits.

An older man sits on his sofa and looks at his laptop.
(Image credit: Getty Images)

Social Security has been a huge source of financial support for Americans since it was first enacted back in 1935. Right now, you must be at least 62 years old to be eligible for benefits. From there, you can claim benefits at any time up until age 70, but the age you choose to start claiming them determines the amount you’ll receive each month.

Generally, it’s best to wait as long as possible to claim your Social Security benefits. That’s because the longer you wait, the more money you’ll receive. The Social Security Administration encourages this by offering incentives to those who wait to claim. Right now, Social Security benefits increase 8% per year until you reach 70. So, how can you support yourself in the meantime?

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Patrick M. Simasko, J.D.
Partner, Simasko Law

Patrick M. Simasko is an elder law attorney and financial adviser at Simasko Law and Simasko Financial, specializing in elder law and wealth preservation. He’s also an Elder Law Professor at Michigan State University School of Law. His self-effacing character, style and ability have garnered him prominence and recognition throughout the metro Detroit area as well as the entire state.