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Choosing When to Take Social Security
Deciding when to start benefits is one of the biggest decisions in retirement. This decision will affect the entirety of your retirement and will dictate how much you receive each month from Social Security. Taking benefits earlier results in a smaller monthly payment while taking them later increases the payouts. You receive higher benefits each year you put off claiming up until the maximum at 70 years old. However, although this does mean a higher payment each year it averages out to the same amount over a lifetime. For more information on this topic visit this article by Matthew Frankel with The Motley Fool.