When you're approaching retirement age, you may start to wonder about how you can maximize your benefits in the time you have left. And while there are plenty of investment tips and tricks to help you make a little extra money during your final stretch, one tip may be an even easier one to pull off.
According to some, delaying your retirement by even a little bit can help you earn larger Social Security benefits. And while the old advice used to be to wait a full year after you're eligible to retire before stepping away from your career, you may not have to wait as long. Keep reading to see what I mean.
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Deciding when to retire is a deeply personal decision that involves many factors. But, if worrying about how much money you'll receive after you've punched out for the last time is holding you back from retirement, you may be interested to know that delaying your last day of work by as little as 30 days can actually make a big difference.
According to Kiplinger, the old advice used to be to wait for a full year after you are eligible for retirement before retiring, so that you could get a bigger Social Security payout. However, since the payments are actually prorated, Kiplinger says you can give yourself a financial boost by waiting just 30 days instead.
So, for example, if you would reach your retirement eligibility date in April 2026, waiting until May 2026 would give you a whole extra month of earnings to be considered in your final benefits calculation, giving you a bigger monthly payout in retirement. Each month you delay after that will earn you another 2/3 more.
Related: Apparently, the Future of Social Security Isn't All Doom and Gloom
Delaying Your Retirement by a Year Can Also Give You More Money
If you're not chomping at the bit to retire, you may want to consider waiting a little bit longer so that you can secure an even bigger payday. That's because you can increase your Social Security benefits by 8 percent for every year you delay retirement up to the age of 70, according to Kiplinger.
Curious how this would look for you? The good news is that the Social Security Administration (SSA) makes it easy to find out how much you can make in retirement based on when you retire by using the SSA's Delayed Retirement Credits Chart. The chart breaks down what your potential increase could be based on your year of birth and how long you wait to retire.
Related: The 5 Best States For Social Security Tax Breaks In 2026
For example, if you were born in 1942, you could earn an additional five-eighths of a percent for every month you delay your retirement, or 7.5 percent for every year you delay. Depending on how much you were already entitled to, you could end up adding a few hundred extra dollars to your monthly stipend, which can make a huge difference when you're on a fixed income, making this an important factor to consider before retirement.
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