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Holding off on Filing for Social Security Benefits? Here's why you Shouldn't Wait Any Longer

Claiming too early results in a lower payment, while delaying and then leaving the world early can mean leaving a lot of money on the table. 
Cover Image Source: Getty Images | Kevin Dietsch
Cover Image Source: Getty Images | Kevin Dietsch

Social security benefits are essential, especially in times of the rising cost of living, when they can significantly take away the burden of monthly expenses. But there's also a good reason to hold off on claiming Social Security as for each month you delay, your benefit gets a boost. At the same time, it is not just about delaying your social security, but mastering the timing of filing is the game changer.

Claiming too early results in a lower payment, while delaying and then leaving the world early can mean leaving a lot of money on the table.

Remember that you are eligible to file for the benefits as soon as you reach the age of 62. If you have not hit 62 yet and still want to file then you will be penalized 30% for taking Social Security before full retirement age and if you wait even after that then you will be getting a boost of 8% each year.

There is also a bonus if you have retired after your retirement age. So this means if you wait till the age of 70 you can be eligible for a boost of 132%. The maximum Social Security benefit in 2024 is $4,873 per month.


The range is between $2,710 to $4,873 per month, depending on the age you retire. Some other factors also contribute like your career length as well as your earnings. Social Security is funded through the payroll tax and deducts 6.2% of your wages.

The employer is also required to pay the same percentage of the earnings, and if you are self-employed then you would need to cover both sides and pay 12.4%.

Here are scenarios when you should not wait any longer before claiming these benefits.

If you are doing absolutely fine health then delaying your Social Security filing might work out well, however, if you feel that your health is declining the best thing to do is to file for benefits immediately. Remember that if your payments have already started even if you die, your spouse will continue to get the payments, so it's best to consider your health before holding your Social Security until the age of 70. However, if you are doing fine, then the wise thing to do would be to wait that get the 132% boost.


It's no secret that we are still looking at high prices even when inflation is down from its peak. Needless to say, your expenses also depend on certain life changes. On the other hand, people also feel the need to dip into social security when they don't have as much savings as they need. Furthermore, you may also find yourself spending on things like healthcare, and caregiving as you age and therefore, it's a good idea to file for Social Security if you feel like you cannot cope with your expenses.

Learn from the new millionnaire on how to achieve the balance of earning so much yet being down to earth|PexelsPhoto by Olia Danilevich
Pexels | Photo by Olia Danilevich

Once your 70th birthday arrives, you will no longer be benefitting from holding off on filing your claim. So if you are turning 70 in a few years, then it's a good time to finally file for your Social Benefits. The best way to apply is with a personal Social Security account. You can create your free accounts and then get an estimate of how much you can receive each month based on when you start receiving benefits and when you apply.