Delaying Social Security Benefits.

Social Security provides guaranteed monthly income for retirees, and for many, it is an essential element of retirement security. The benefit you receive from Social Security will vary based on when you decide to start claiming; the later you claim, the larger the monthly benefit amount will be. However, each individual has a different financial situation and goals when nearing retirement, and there is no one-size-fits-all approach for when to claim Social Security benefits. Knowing your options will help you make the best-informed decision for your retirement.

Click here to read the rest of the report from the Global Financial Literacy Excellence Center on the benefits of Delaying Social Security.