Overview
- Kiplinger outlines a plan to use personal savings to delay claiming, which lifts Social Security payments by about 8% for each year claimed after full retirement age up to 70.
- Illustrative figures show average monthly checks of $1,455 at 62, $2,080 at 67, and $2,580 at 70, underscoring the tradeoff between near‑term cash and a bigger lifelong payment.
- Delaying may also blunt the “tax torpedo,” since benefits become taxable once combined income tops $34,000 for single filers or $44,000 for joint filers.
- Waiting can bypass the earnings test that withholds $2 in benefits for every $1 earned above $24,480 in 2026 before full retirement age.
- Policy risk looms as the main Social Security trust fund is projected to be depleted around 2032, which could trim benefits by about 23% without new legislation, and experts say lowering the retirement age is unlikely.