Millions of people in the United States rely on Social Security for post-retirement expenses. But did you know that claiming benefits at the right time can increase your monthly income? Here is a simple and easy guide that will answer all your questions.
Table of Contents
Who is eligible for an extra $700 monthly
These people may be eligible to receive Social Security benefits:
- You are a permanent resident of the United States.
- People who receive SSI or SSDI beneficiaries.
- People with low annual income.
- You must have a valid Social Security number.
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The right time to claim benefits
The age at which you claim Social Security benefits affects your monthly amount.
62 years old: This is the earliest age to collect benefits, but payments are reduced.
Full retirement age (FRA): 66 or 67 years old (depending on your birth year).
70 years old: Payments are maximized.
Why wait until 70?
If you delay taking benefits, your monthly income could increase by 24% to 32%.
| Age | Monthly payment (average) |
| 62 years | $1,298 |
| 70 years | $2,038 |
Example: Claiming at 70 instead of 62 could give you about $740 more each month.
Is delay always the right choice?
Everyone’s situation is different. Here are some factors:
When delaying makes sense:
You have enough savings.
You’re in good health and expect to live a long life.
When claiming early makes sense:
You need the money right away.
You want to enjoy retirement while still being active.
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What is the full retirement age (FRA)?
FRA is the age when you can claim your full Social Security benefits.
| Birth Year | FRA |
| 1958 | 66 years 8 months |
| 1959 | 66 years 10 months |
| 1960 or later | 67 years |
If you take benefits at 62, your amount may be reduced by 25%-30%.
FAQs for extra $700 monthly
1. When can I take Social Security benefits?
You can take benefits as early as age 62, but claiming early will reduce the amount.
2. Is it always better to wait until age 70?
It depends on your savings, health, and needs. Waiting leads to a higher payout.
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The final words on extra $700 monthly
Claiming Social Security benefits at the right time can be a big way to boost your monthly income. Make a decision keeping in mind your needs, savings, and retirement plans. The right decision can make your retirement life comfortable and secure.