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How to get 88 percent more from Social Security

Benefits of delaying Social Security retirement by Kelli B. Grant: “Someone who retires and begins claiming Social Security at age 70 would receive a benefit that’s 76 percent higher than the one he or she would receive at age 62. Factor in late-career earnings replacing a zero-income year and the increase becomes as much as 88 percent for women and 82 percent for men.”(emphasis added). A study by the Center for Retirement Research at Boston College reveals the benefits of working longer because of replacing years of zero earnings with a high earning year. SS calculates benefits based on 35 years of earnings. Many women in particular have fewer than 35 years of earnings history. Working longer only benefits singles or spouses who have a substantial work history. Many women who did not work for pay for most of their marriage are better off claiming a spousal benefit.
Source: Financial Planning for Women