At 70, individuals still working must carefully consider when to claim Social Security benefits. While they're not required to file, strategic timing plays a crucial role in financial security. Delaying benefits until 70 offers maximal monthly payouts and can significantly impact long-term finances, especially for those with limited savings. Financial advisors can help individuals craft a personalized strategy based on their unique financial goals, ensuring the most beneficial decision regarding Social Security claiming is made.
Delaying Social Security until 70 maximizes monthly benefits, with no further gains after.
Working at 70 doesn't reduce Social Security payments, regardless of income.
A financial advisor can tailor your claiming strategy to your savings and goals.
For those who can afford to delay further, each year past FRA up to age 70 increases your monthly benefit by 8% through delayed retirement credits.
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