While Social Security benefits can be claimed as early as age 62, it is often financially wiser to wait until age 70. Delaying benefits can significantly increase your monthly payments, potentially offering 24% more at age 70 than at your full retirement age of 67. Additionally, waiting may reduce your tax bill and provide broader financial security during retirement. Understanding the implications of your claiming age is critical for sound financial planning, and utilizing tools to assess your retirement strategy can help you make informed decisions.
Delaying your benefits claim until age 70 means you get to maximize your monthly income.
For a significant number of retirees, the best age to claim benefits is actually eight full years later at the age of 70.
Waiting eight years to start getting money you are entitled to may not seem like the right choice, but there are actually a number of good reasons to delay.
Delaying benefits until 70 means getting more monthly income - and often substantially more.
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