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When You Shouldn’t Wait Until Age 70 to Claim Social Security - Columbus Telegram

If you follow Social Security articles at all, you’re sure to see that most financial advisors will suggest waiting until age 70 to claim your Social Security benefits, and that’s because age 70 is when your SS benefit reaches maximum. That’s usually good advice, especially if your life expectancy is long and your don’t need the money sooner. But sometimes waiting until age 70 to maximize your monthly Social Security payment simply doesn’t make sense. For example, if you don’t expect to live long enough to at least break even for waiting to collect the higher benefit, then claiming earlier is a smart move. Or, as pointed out in this article, if you are entitled to more as a spouse than you’re entitled to at age 70 on your own, then maximizing your personal benefit won’t get you more money. Spouse benefits reach maximum at your full retirement age (FRA), somewhere between 66 and 67 depending on the year you were born, so waiting longer than FRA to claim won’t increase that benefit. And if you are also eligible for a high survivor benefit, claiming your personal benefit earlier may be wise. All of this is discussed in this Columbus (NE) Telegram article by Dan Caplinger. Click here to read more.

Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public service to help Americans navigate the complexities of this program. Learn more about it here…

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