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The importance of health in deciding when to take Social Security
The longer you wait, the more you get. That’s a pretty general rule describing what to think about when deciding when to take your Social Security benefits. In fact, claiming as soon as you’re eligible at age 62 could mean your monthly benefit will be about 30% lower than it would be at your full retirement age (between 66 and 67), and waiting beyond your full retirement age will yield you about 8% more for each year you delay, up to age 70. That all sounds good, but it also only really matters if you’re in good health and expect to live at least to, and perhaps beyond, the average life expectancy for someone your age. This Motley Fool article by Maurie Backman describes the crucial role that your health plays in deciding when to claim your Social Security benefits. Click here to read more.