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The Cost of Deferred Social Security Credits - moneylion.com
Delaying Social Security benefits until age 70 adds 8% per year after reaching full retirement age. That’s becoming common knowledge these days and is one of the points stressed in the recently passed “Claiming Age Clarity Act (H.R. 5284),” now awaiting President Trump’s signature, which relabels age 70 as the “Maximum Monthly Benefit Age.”
While that’s mathematically true, there is another side to the argument to consider. MoneyLion contributor John Csiszar, in a post on their website, analyzes the nuances of the deferral process and points out that “(f)iling for Social Security at ‘the right time’ can be tricky because no one knows how long they will live.”
If you’re on the fence about claiming, or just want to understand the process better, check out Csiszar’s post here.
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