Many individuals aim to delay their Social Security claims until age 70 due to the significant benefits increase—up to 8% annually after full retirement age. However, various external factors may prevent this ideal scenario. Economic conditions, job market fluctuations, and possible health issues could force individuals into early retirement, thus requiring them to claim Social Security benefits sooner. This article emphasizes the importance of financial planning and savings as a safety net against unexpected job loss or health problems that disrupt the retirement strategy of delaying claims.
Delaying Social Security until age 70 can significantly increase monthly benefits, providing an 8% annual increase for each year after full retirement age.
Many people may face circumstances that force them to retire early, which could jeopardize the strategy of delaying Social Security to maximize benefits.
Employers may unintentionally or intentionally push older workers out of their positions, making it challenging to work until age 70 to claim Social Security.
Health issues can arise unexpectedly, which may inhibit one's ability to work and could lead to needing Social Security benefits sooner than planned.
Collection
[
|
...
]