Imagine charging more than $5,000 per month to delay your retirement. Social Security offers a “turbo mode” for your pension, but there is a basic requirement: if you live to be 70, you can increase your monthly payment by up to 32%. As? Here, we explain and demonstrate the basic numbers of this movement.
The first secret is strategic patience. If you’ve been contributing for 35 years (or at least 10 years working full-time and earning 20 work credits), the system rewards you for your patience.
In 2025, for every $1,810 earned, you will receive one credit, up to a maximum of four per year. Yes, it’s a marathon, but the end goal is a monthly check that will satisfy even the most skeptical.
The “turbo mode” of your retirement
To put it in Christian terms, if you were born after 1960, your full retirement age is 67 years. However, if you bank until the age of 70 without claiming benefits, each additional year increases your monthly payment by 8%. Three years of waiting equals 24% more.
And when you account for inflation or other factors, bang! There you have it: $5,108. Of course, you must have contributed those 35 years. If you worked less, the calculation is based on your lowest years of income.
But be careful; it is not for everyone. If your health or finances require immediate action, no one will judge you. Claiming at 67 (full age) gives you 100% of your benefit, while claiming at 62 (minimum age) gets you only 70%.
The difference is abysmal: someone who could receive $5,000 at 70 would only receive $3,500 at 62. Is it worth the sacrifice? It depends on whether you intend to live in Bali on your income or if you prefer to enjoy the present moment without being burdened by bills.
February 2025: key dates and a surprise bonus
Now, let us talk about dates. Social Security payments are made between the 19th and 26th of February, depending on your category (retirement, disability, or survivor). How do you know it’s your turn? Look at your birthday:
- From 1 to 10: you get paid on the second Wednesday (19th), already delivered.
- From the 11th to the 20th: you get paid on the third Wednesday (26th).
- After the 21st: the fourth Wednesday (26th).
But there’s an important change: because March 1st is a weekend, the SSI (Supplemental Security Income) payment is moved to February 28th. If you receive both Social Security and Supplemental Security Income, you will have two deposits per month.
