Here's How Much More You'd Receive by Waiting Until 70 to Claim Social Security
Is the increased benefit worth the many months of waiting?
Here's How Much More You'd Receive by Waiting Until 70 to Claim Social Security
Overview
One of the major decisions people have to make when they're approaching retirement is when they're going to claim Social Security. Everyone's life and financial situations are different, so there isn't a clear-cut "you should claim at this age" answer, but it is important to know the implications of your claiming choice.
Your primary insurance amount (PIA) is how much you'd receive in benefits by claiming at your full retirement age, but you can claim before then, beginning at age 62, or delay claiming past your full retirement age until you reach 70. The former will reduce your monthly benefits, but how much will they increase if you delay until 70?
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Details
Source
Originally published at www.fool.com.
