Claim at Age 70 for this reason
Maurie Backman explains one can claim Social Security at any age between 62 and 70, though a majority opt for the earliest age. But patience can pay dearly, as the highest benefit available is for those that claim at 70. The benefit increase is 8% a year between 67 and 70, a tough return to get anywhere. Backman states, “the No. 1 reason to claim Social Security at age 70 is the financial peace of mind that decision can give you. Knowing you’re guaranteed a higher monthly payday for life could help you avoid stressing about money as you try to enjoy your retirement.” Full piece here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.