When to take Social Security? Here are some reasons to wait until 70
When to start taking your Social Security benefits is the most frequently asked question of our Advisory staff, and there simply is no standard answer. A lot of folks apply as soon as they’re eligible and take reduced benefits, but many also wait until their full retirement age, now between 66 and 67 depending upon when you were born. And a lot fewer wait beyond their full retirement age and enjoy the 8% per year increase they can earn up to age 70. Which age is right for you is a decision only you can make, but this article by Maurie Backman of The Motley Fool offers three great reasons why waiting until you’re 70 makes a lot of sense.
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 the Foundation’s advisory service here…
To read the Maurie Backman article on three great reasons to wait until 70 to apply for Social Security, click here.