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Lesson 8
Social Security Benefits
2 min read
Last Updated: December 19, 2024

If you’re between 65 and 70, you’ve reached an important milestone when it comes to Social Security benefits: you’ve either reached full retirement age, or you will very soon. If you’ve put off claiming your benefits this long, congrats! Drawing Social Security at full retirement age nets you the maximum benefit amount you’re entitled to. And while that looks different for everyone, it’s nice to know you’re no longer leaving money on the table when it comes to your Social Security benefits. 

By age 70, your Social Security benefits are projected to be 77% higher than someone who claimed their benefits as early as possible at age 62. So that’s something to celebrate. But it’s best to use Silvur’s Social Security Break-Even calculator to determine when the best time to elect is based on your longevity input.

If you’re divorced or widowed, perhaps you’ve already been receiving ex-spouse or survivor benefits. As a divorcee, you’re entitled to 50% of your ex-spouse’s benefits if that amount is higher than your own benefits. And if you’re eligible for survivor benefits, you can claim 100% of your loved one’s benefits if the amount is higher than your own. 

In both cases, this allows you to leave your own Social Security benefits alone to let them grow as much as possible before you elect. Remember, you’ll receive 100% of your eligible benefits if you wait until full retirement age to elect, but your benefits will be permanently reduced if you file earlier than that. 

However, if you’re a widow(er), there’s an additional election strategy that you can do if you qualify for your own benefits. Find all your election strategies in our class “Social Security Benefits for Widow(er)s.” And for divorcees, head to our class “Social Security Benefits for Divorced Couples” to see what rules you need to follow to get your ex-spouse's benefits.