3 Reasons Not to Claim Social Security at 70
Waiting until age 70 yields the largest possible Social Security benefit, but it doesn't make sense for everyone.
Overview
Few decisions are more important than when to claim Social Security benefits. While the numbers clearly indicate that waiting until age 70 will score you the highest monthly benefits, it's not always the right choice.
Social Security benefits can be claimed as early as 62, although monthly benefits are reduced for filing before full retirement age (FRA) -- 67 for those born in 1960 or later. However, benefits grow by about 8% per year between FRA and age 70 due to delayed retirement credits. That means if you're due a monthly benefit of $2,500 at age 67, you can expect roughly $3,100 instead at age 70.
Details
Here's the tricky bit, though: Your situation is unique, and while waiting until 70 may be right for a friend or neighbor, it could be the wrong decision for you.
Source
Originally published at www.fool.com.