By Indexopedia Research Team | July 24, 2024 | In
Social Security is a vital program that provides income to retirees, disabled individuals, and survivors of deceased workers. For many individuals, Social Security benefits are their primary source of income during retirement. While there is the option to take Social Security benefits as early as age 62, some individuals choose to delay taking benefits in order to receive a higher monthly payment in the future. The difference in monthly payouts can be significant, often eclipsing $1,000 per month. This means that if a retiree defers receiving their social security benefit until age 70 (when the benefit maxes out), they may be able to squeeze an additional $1000 in monthly income. However, there are several compelling reasons why taking Social Security benefits earlier in life, rather than later in life, may be a better financial decision for you. In 2024, for example, the maximum Primary Insurance Benefit (PIA) for an individual is $3,743 per month. This is the most that a person could receive if they were to delay taking their social security until their Full Retirement Age (FRA), typically 67 years old. If they further