See, there's a cap on how much you can raise your benefits. And some of the steps you'd need to take to make a substantial impact can be a challenge. If you hope to increase your Social Security payments by delaying benefits, you'll be able to boost your standard benefit by 2/3 of 1% per month for each month you delay claiming it after hitting full retirement age. Full retirement age is between 66 and four months and 67, depending on your birth year. Not everyone can wait that long because they may be forced out of the workforce sooner and need their Social Security income to live on.

Source: Forbes January 23, 2022 11:28 UTC