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Should you wait until age 70 to claim Social Security? - WTOP News
If you follow these pages at all, you are already aware that you can claim reduced Social Security retirement benefits as early as age 62, or wait until you are 70 to claim your maximum SS amount. And, for the record, benefits taken at age 70 are about 76% higher than those taken at age 62. That is a pretty wide financial gap, but it’s one which you largely control yourself.
There are good reasons to claim SS benefits early, e.g., if you’re not in good health and don’t expect a long life, or if you desperately need the money to make ends meet. But if that is not your situation, there are also many reasons also to wait longer to claim your benefits, as explained in this U.S. News & World Report article published at WTOP News.
Social Security is a complex topic. If you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security or enrollment in Medicare, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of these programs. All questions are answered quickly, at no charge. Learn more about it here…