I Asked ChatGPT: How Can I Delay Taking Social Security If I Need the Money Now?

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Deciding when to apply for Social Security can have a major impact on your retirement. Although you can collect retirement benefits as early as age 62, your monthly payment will get bigger the longer you wait.

Waiting until the full retirement age (67 for most people) means you get the full benefits you are entitled to. After that, each year you wait to file your benefit will increase by 8% until you hit age 70, when there is no more advantage to waiting.

But what if you can’t afford to wait? GOBankingRates asked ChatGPT how to delay taking Social Security even if you need the money now. Here’s what it said.

Tap Into Other Savings

This might not be an option if you’re short of money — and savings. But if you do have some kind of retirement savings account, it might be a good idea to tap into that first to ensure you get a bigger Social Security payment later on.

You can even tap into your emergency fund because, as ChatGPT noted, “this is exactly the kind of situation” an emergency fund is for.

Find a Part-Time Job or Side Hustle

This might be the best option if you’re low on funds but don’t want to collect Social Security just yet. Even earning as little as $1,000 to $2,000 a month might be enough to bridge the Social Security gap.

Now is a good time to do so, too, with so many ways seniors can earn extra income — from pet sitting or driving an Uber to delivering meals.

ChatGPT recommended looking for these types of opportunities:

• Remote or gig jobs
• Consulting in your former field
• Local, flexible part-time work.

Tap Home Equity (but Tread Carefully)

You can bolster your bank account by applying for a home equity line of credit (HELOC) or a reverse mortgage (if you’re 62 or older and plan to stay in the home for a few years). Just make sure you’re aware of the risks. If you’re not certain what to do, enlist the help of a financial professional.

Another option is to sell your current home, move into something less expensive and use the profits to help pay the bills until you apply for Social Security.

Apply for Government or Community Assistance

Here are some ways to get financial help that can help cover bills if you want to delay Social Security.

• Supplemental Nutrition Assistance Program (SNAP): Formerly known as food stamps, this program provides financial assistance to help you pay for food.
• Medicaid or subsidized healthcare: These options can help reduce your medical and healthcare bills.
• Utility assistance programs: Many utilities and energy companies offer discounts to qualified customers, including seniors.
• Property tax relief: This option is also available to qualified seniors. Check with your local property tax agency to see what’s available.

Get a Bridge Loan

Social Security bridge loans provide monthly income while you delay your claim. You’ll repay the loan once your benefits kick in. But as with home equity loans, you need to be careful here. As ChatGPT noted, bridge loans are rare and can get expensive, meaning they might not be worth the risk.

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