2 Ways Claiming Social Security at 70 Could Benefit You

When it comes to signing up for Social Security, you get your share of choices. You can opt to file for benefits as early as age 62, which is a route many seniors take. But you're not entitled to your full monthly benefit based on your personal wage history until you reach full retirement age, or FRA.

FRA falls out at 66, 67, or somewhere in between, depending on your year of birth. But you don't have to file for Social Security once FRA arrives. Rather, you can delay your filing beyond FRA and boost your monthly benefit in the process.

For each month you hold off on claiming Social Security past FRA, your monthly benefit will rise by 2/3 of 1%. That amounts to an 8% increase every year.

Source Fool.com