2 Big Reasons Planning to Claim Social Security at 70 May Not Pay Off
Many financial experts advise waiting until the age of 70 to start your Social Security retirement checks -- even though they first become available when you're 62.
There's a simple reason delay is often the best solution: Putting off the start of your benefits can significantly increase the monthly income they provide, giving you a larger source of guaranteed lifetime income that's protected against inflation. For most people, waiting also results in more lifetime income as well.
But although future retirees may plan to start their checks at 70 to reap these benefits, doing so may not always pay off. Here are two big reasons why.
Source Fool.com
