Business
How much you will get in Social Security if you make $50,000 and wait until 70 to take your benefits – CNBC
If you wait a few years after your full retirement age to claim Social Security, you can nearly double the size of your monthly check.
You may already be planning to collect Social Security in retirement, but did you know that if you wait a few years to claim those benefits, you can nearly double the size of your monthly check?
Benefits are based on your income, the year you were born and the age you decide to start taking money out. So timing is key.
You are first eligible to begin receiving your benefits at age 62, yet waiting until 70 could translate to tens of thousands of dollars a year in your pocket when you need it most.
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