How Delaying Social Security 3 Years Could Add 24% to Your Monthly Checks
This could have a lasting effect on the quality of your retirement.
Overview
Delaying Social Security beyond your full retirement age (FRA) -- 67 for most -- until you qualify for your maximum benefit at 70 will add 24% to your checks, but it's important to understand the pros and cons of this move before deciding whether it's right for you. Delaying Social Security also means receiving fewer years of checks, and that's a dealbreaker for some.
The right time to claim Social Security often comes down to your financial situation and your life expectancy. Here's how to weigh these factors when deciding whether it makes sense to delay your Social Security application from age 67 to 70.
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Details
Source
Originally published at www.fool.com.
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