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Consider talking to a financial adviser before making this move.

Philip Moeller is an expert on retirement, aging and health.

That means your benefits at 70 would be 32% higher than at 66 after inflation.

To get this higher benefit you could simply do nothing at age 66, and your benefits would begin rising each month due to the delayed retirement credits.

Say you were going to defer benefits past your FRA at age 66, then you had to change your mind at 66 and six months.

You could then claim a lump-sum payment equal to those six months of benefits.

This way, your benefits will still rise each month until you begin taking them. At any time after turning 66 and before your benefits begin automatically at 70, you can ask Social Security to issue you a lump-sum payment for all the benefits you would have received had you begun taking them at age 66.

That’s because Social Security calculates your benefits from age 66 and will give you a lump sum based on that monthly rate (plus any cost-of-living increases).

Your monthly benefit thereafter will be based on a start date of age 66.

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