It’s Time to Revisit Social Security’s Early and Delayed Claiming Formulas
The current system dates to the 1950s--and much has changed since then.
When it comes to claiming Social Security, there are a few basic rules of thumb.
A delayed claim gets you more monthly income--in some cases, a lot more. Claiming early, meanwhile, reduces your monthly income. But the delayed credits and early claiming penalties were designed--years ago--to be actuarially fair. In other words, you should get the same total benefit over the course of your lifetime no matter when you file, assuming average longevity.