Thanks to the Social Security delayed retirement credit, waiting those extra five years can mean larger benefits.
More Americans are holding off on retirement until they reach their seventies. A recent research paper published by the Center for Retirement Research (CRR) at Boston College reveals that Social Security's real retirement age is now 70.
The driving factor: Social Security's delayed retirement credit, which causes benefits to increase 8 percent per year every year an employee defers claiming benefits beyond full retirement age up to age 70.
Delaying your Social Security benefits has the potential to increase the total amount of income you'll receive throughout your lifetime by $100,000 or more.
For additional edification on the complicated topic of maximizing your Social Security benefit, I recommend taking a listen to the interview below with InvestmentNews's Mary Beth Franklin.