Should You Wait Until 70 to Claim Social Security?
That, of course, is a question which cannot be answered with 100% confidence because their are many factors which might change, regardless of when you decide to claim. You can, however, make an informed decision on when to claim the benefit you’ve earned from a lifetime of working by considering your financial needs, your plans for working, your marital status and, very importantly, your life expectancy. The key is to not make an impulsive decision, but weigh various factors, including your breakeven age, when developing your Social Security claiming strategy. And although maximizing your monthly benefit by waiting until you are 70 to claim can seem attractive, a careful evaluation of your personal circumstances might lead you to a different conclusion, as explained in this Motley Fool article by Stefon Walters.
Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of this program. Learn more about it here…