This Is a Key Way to Increase Social Security -- but Not Everyone Can Do It

Core Insights - Many older Americans rely on Social Security for a financially comfortable retirement, as it is a crucial income source that is guaranteed and inflation-protected [1] Group 1: Maximizing Social Security Benefits - Delaying the claim of Social Security benefits until age 70 can guarantee a larger monthly check, with full retirement age (FRA) for those born in 1960 or later being 67 [4] - Each month of delay beyond FRA earns delayed retirement credits, increasing benefits by 2/3 of 1% per month, potentially leading to a 24% increase in monthly benefits if FRA is 67 [5][6] Group 2: Limitations on Delayed Benefits - Not all individuals can take advantage of delaying benefits; those planning to collect spousal benefits cannot earn delayed retirement credits, as they are capped at 50% of the primary earner's benefit [7][8] - Financial constraints may prevent some individuals from delaying their claims, making it essential to consider personal circumstances when deciding [8][9]