When You Claim Social Security Can Impact How Much You Receive

If you want to maximize your Social Security retirement benefits, then you might want to hold off as long as you can before claiming. According to The Motley Fool, if you file as soon as you are eligible — age 62 — your benefits will be permanently reduced by up to 30 percent. However, if you can delay collecting Social Security until age 70, you will receive a bonus of about 24 percent each month. That can add up to an additional $2,232 per month.

Unfortunately, not every senior is able to continue working until they are 70 or wait that long before they start collecting Social Security. For them, the thought of Social Security benefits being reduced because of solvency issues is frightening.

The Seniors Trust shares these concerns. We believe the best way to ensure Social Security solvency for decades to come and to increase monthly benefits to provide seniors with enough money to buy basic necessities is to enact the Social Security Expansion Act. This landmark piece of legislation is sorely needed to protect the financial futures of America’s retirees.