#6 Wait until you turn 70
If we’re talking about the easiest way to maximize your checks, then it would be unfair to not mention that you can get the biggest checks if you wait a bit longer. Like how your checks will be smaller if you claim them early, it works the same for waiting longer, but your benefit amount will just get bigger.
The administration reported that if you wait until you are 67 years old, you will be getting a monthly benefit equivalent to 108% of the initial sum because you delayed it by 12 months. In the same fashion, if you wait until you are 70, you will be getting a 132% bigger check because you have waited an extra 48 months! Reaching 70 is the way in which you can maximize the total value of your benefits!
So if you are in good health and do not rely on these payments, consider waiting a little bit longer for bigger checks!
If you are worried about the ways in which your retirement income is going to be taxed, read here about all types of retirement income that are not going to be taxed!
