Why Claiming Social Security at 70 Could Be the Smartest Retirement Move You Ever Make
It could make a difference in multiple regards.
Overview
When it comes to Social Security, there's a tricky decision to make. You could start collecting benefits as early as age 62. But if you don't wait for full retirement age, those monthly checks will be subject to a steep reduction. Full retirement age is 67 for anyone born in 1960 or later.
You can also delay Social Security past full retirement age for boosted checks. For each year you wait, your benefits increase 8% on a permanent basis.
Details
Age 70 is when those delayed retirement credits stop accumulating. But all told, you could end up with a 24% boost to your monthly checks if your full retirement age is 67 and you hold off until 70.
Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.