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May 14, 2021 4:36 AM newsfeedback@fool.com (Maurie Backman)
Posted:
Updated:
May 14, 2021 10:13 AM
You’ll often hear that delaying your Social Security filing as long as possible is a smart move. You can first sign up for benefits at the age of 62, but doing so will give you a lower monthly paycheck for life.
If you wait until full retirement age, or FRA, to claim Social Security, you’ll get the exact monthly payout your earnings history entitles you to. And if you delay your filing beyond FRA, you’ll boost your benefits by 8% a year, up until the age of 70, which is when that incentive runs out.