Either way, if you think your savings could use some work, then it pays to put off retirement — especially at a time when living costs are so high. If you retire soon, you might really drain your nest egg — and land in a scenario where you’re facing years of financial woes.
2. Can I still grow my Social Security benefits?
The earliest age you can sign up for Social Security is 62, albeit at a reduced benefit. You’re entitled to your full monthly benefit, based on your personal earnings history, once you reach full retirement age, or FRA. FRA is 66, 67, or somewhere in between, depending on when you were born.
You can also delay your filing past FRA and grow your benefits in the process. For each year you hold off until age 70, your benefits increase 8%.
If you’re already 70 or nearing that age, your Social Security benefits won’t have much or any room for growth. But if you’re a few years away from 70, delaying retirement could make it possible to snag a higher monthly Social Security benefit for life — one that could go a long way toward helping you keep up with higher living costs.