The Benefit of Waiting

Social Security – Although the maximum someone can be paid each month after having attained the full retirement age66 is $2,533 per month or $30,396 per year, did you know that there is large monthly bonus for waiting until 70?  The maximum payment for those who begin collecting at 70 is $3,346 per month or $40,152. Pper year.  In addition, you would get an additional award for each of the four years which would increase your payment by an additional 32% to $4,416. or about $53,000 per year.  Assuming that is that SS is still around we you go to collect.