Social Security benefits can help older individuals in Texas enjoy their retirement without fear of becoming destitute. However, when people claim their benefits at the wrong time, it may leave them cash-strapped. When someone reaches the full retirement age, they can receive their full monthly social security benefits; however, many aging adults will choose to delay their filing for Social Security to receive more per month.
By delaying their filing for Social Security benefits, a senior can grow their benefits by 8% a year, up until age 80. For example, if a senior is entitled to $1,500 per month in Social Security when they reach the full retirement age of 66, they will instead receive $1,860 if they wait until age 70 to file. Many aging individuals wonder if they personally should delay their benefits. While this is a personal decision, below are some common reasons why seniors delay receiving their benefits.