75-year-old Tim F. receives larger monthly Social Security checks because he waited until he was 70 to collect the benefits. He followed the general trend of securing bigger checks by delaying his retirement beyond 62 and even full retirement age, which is 67 for those born after 1960. However, Tim regrets not collecting Social Security earlier to spend that money fulfilling plans he had with his wife, Sarah, who died at 68.
In 2023, over 71 million people received benefits from Social Security programs. Social Security checks are an integral income source for millions of US households, making up 90% of total family income for 25% of retirees above 65. The maximum monthly check for retirees collecting payments at 62 is $2,710 this year but goes up to $4,873 for those retiring at 70. Meanwhile, retiring at full retirement age could fetch a maximum monthly income of $3,822. Tim's ability to delay retirement until age 70 translated to substantial annual income from Social Security. However, the senior recently shared in an interview with GOBankingRates that he is having second thoughts about the timing of his Social Security claim.
