New proposal might boost Social Security checks up to 28%

Raising the retirement age in the U.S. has been suggested to maintain the solvency of the Social Security program. Claiming Social Security benefits early can reduce your monthly check by up to 30%, compared to what you're eligible for at full retirement age. However, the Social Security Administration allows a one-time do-over within 12 months of signing up, giving you the opportunity to increase your lifetime benefit by delaying benefits until age 70. By suspending benefits at full retirement age, individuals can add up to 24% to their checks by waiting until age 70. This strategy can result in a monthly benefit of $1,736 at age 70, providing a significant increase in lifetime benefits. Consider delaying benefits if you have personal savings or steady income from work to maximize your Social Security checks.