Waiting to age 70 could mean $4000 a year more in Social Security

It’s true that a majority of people claim Social Security earlier than their full retirement age, and there are some good reasons for doing that. Choosing which age to apply for benefits is always an individual choice which should be based upon current financial needs and health, as well as expected longevity. Of course, no one can accurately predict longevity, but if you’re now in good health and your family history suggests a longer life, then maximizing your Social Security benefit could yield you an extra $4,000 per year, which could mean a lot when you’re older, your savings have been depleted and your healthcare costs are higher. This Motley Fool article by Christy Bieber explains that many experts who have evaluated numerous claiming strategies have concluded that age 70 is the best choice for many who are asking when they should file for their Social Security benefits. Click here to read more.

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