Increase Your Social Security by $172,000 — It's Possible!

Americans can dramatically increase their Social Security payouts if they delay applying for benefits beyond their full retirement age.

The difference between filing early and applying late could be as high as $1,476 a month — for life.

A new report reveals how you and your spouse can increase payments by $172,000 or more over a lifetime, simply by understanding some of the weird loopholes in the Social Security law.

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Full retirement age for those born from 1943 to 1954 is 66 years. The age rises incrementally for those born later, reaching 67 for Americans born in 1960 or later.

Full retirement age for those born earlier than 1943 ranges from 65 years to 65 years and 10 months.

For each year a person delays filing for Social Security after reaching full retirement age, benefits are increased by 8 percent a year up until age 70.

Conversely, filing at age 62, the earliest age for retirement benefits, will reduce monthly payments by as much as 30 percent.

Whether You Are Single or Married, There Are Simple Tricks You Can Use to Maximize Your Benefits — Click Here Now

Maximizing the monthly Social Security payout is crucial for many elderly Americans. On average, retirees on Social Security get 38 percent of their income from Social Security.

But 74 percent of unmarried beneficiaries and 52 percent of married beneficiaries get at least 50 percent of their income from the benefits.

And 47 percent of unmarried beneficiaries and 22 percent of those who are married get at least 90 percent of their income from their monthly Social Security payouts.

Higher payments are also crucial because 51 percent of the American workforce has no private pension coverage, and the average life expectancy for a 65-year-old today is about 20 years.

Uncover 9 Hidden Benefits for Seniors the Government Will Never Tell You About — Click Here Now