Should you delay Social Security benefits?

Delaying Social Security benefits can take years to break even but can still pay off over the long run. Waiting to file can make you money over the long term but not over the short term. Editor's note: A previous version of this article incorrectly stated the breakeven point for taking benefits starting at age 65 versus starting at age 62.

What happens if I delay receiving retirement benefits?

If you start receiving benefits at age 66 and 4 months you get 100% of your monthly benefit. If you delay receiving retirement benefits until after your full retirement age, your monthly benefit continues to increase. The chart below explains how delayed retirement affects your benefit.

What happens if you delay Social Security benefits at 67?

This means delaying benefits until 70 would increase their monthly payout to $2,480. At age 80, someone who claimed benefits at 67 would have received $312,000 total; someone who claimed at 70 would've received $297,600.