When delaying Social Security doesn’t make sense
Claiming your Social Security benefits at your full retirement age (FRA) is not mandatory. You are allowed to file for your benefit as early as age 62, the most popular age, or you can delay benefits until you turn 70. If you hold off on claiming benefits past your FRA, you will boost them by eight percent for each year you do up until you turn 70 at which time your benefit will stop growing. Most retirement experts recommend delaying your benefits until 70 so you can “maximizes” your benefits; however, in some cases, doing so could actually cause you to lose money. The attached article makes the case when delaying Social Security doesn’t make sense. Read article here…
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