Waiting Until 70 for Social Security Could Cost You Money. Here's the Math Nobody Shows You.
The conventional wisdom about when to claim Social Security could be wrong for many Americans.
Overview
Wait as long as possible. That's the advice that most financial advisors will give you about when to claim Social Security retirement benefits. They will tell you to hold off at least until your full retirement age, or even better, delay until you reach age 70.
The reasoning makes sense. If you begin collecting Social Security benefits before your full retirement age, you'll be hit with a penalty of up to 30%. If you wait until you're 70, your benefits can increase by 24%.
Details
But there's an argument that defies the conventional wisdom. Waiting until age 70 to claim Social Security could cost you money. And there's some math involved that no one shows you.
Source
Originally published at www.fool.com.
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