Waiting until age 70 to claim Social Security isn’t always a wise choice
Most folks know that claiming before they reach their full retirement age will mean a smaller Social Security benefit, and many also know that waiting beyond full retirement age will mean a larger one. In fact, you can wait until you are 70 years of age to claim and your benefit will be 24% more if your full retirement age is 67 (and 32% more if your full retirement age is 66). Getting a benefit that much higher at age 70 is surely a very enticing prospect but, as pointed out in this Nasdaq article by The Motley Fool’s Maurie Backman, waiting for that bigger benefit payment isn’t always the wisest choice. There a several very valid reasons for claiming Social Security earlier. Click here to read more.