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Should I delay taking my Social Security until 70? - The Motley Fool
If you are in a position to delay taking Social Security until 70, it does have its benefits. Your benefit increases by 76% between the ages of 62 and 70. It doesn’t matter if your full retirement age (FRA) is 66 or 67, or in between.
It provides a larger survivor benefit if you have a spouse to consider. It also provides a larger cost-of-living increase. There were only three years when there wasn’t one: 2010, 2011, and 2016.
The break-even point when delaying to 70 is approximately 82 years old. But when you take into consideration that you get every dime you and your employer paid back within the first three to five years of receiving your benefits, it makes it seem like a better idea, especially if you or your spouse has a family history of a long life expectancy.
Not everyone can delay their benefits until 70, as it could require you to work longer or dip into your savings. Your health could also affect when you take your benefits. But it is something to consider before filing at 62, just because you can. You can read the full article by Maurie Backman of The Motley Fool right here ……
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