Delay Claiming Social Security? Or not? - Forbes
Deciding when to claim Social Security is usually a tough decision. There is an 8 year window during which to claim – between age 62 and age 70 -and when you claim within that window determines how much your benefit will be. Conventional wisdom among financial planners has been to wait until age 70 to claim the maximum possible monthly payment, provided that you’re in good health and can afford to wait. But, soaring inflation in recent years has resulted in increases in interest rates available on savings, so is waiting to claim that higher benefit still wise, considering the value of money taken today vs. what it will be worth in the future? Not an easy question to answer, so the author of this article enlisted the counsel of two financial experts to evaluate whether waiting until age 70 to claim is still a viable option. The answer is revealed in this Forbes article by Steve Vernon,