3 Reasons Claiming Social Security at 70 May Not Work Out Well for You
One nice thing about Social Security is that seniors are given flexibility with regard to signing up. You may decide to file for benefits at age 62, which is the earliest age to claim them. Or, you may decide that you'd rather wait until full retirement age (FRA), because that's when you're entitled to your full monthly benefit based on your earning history.
There's also the option to sign up for Social Security beyond FRA. For each year you delay your filing past that point, your benefits grow by 8%, up until age 70.
If the idea of a more generous monthly benefit sounds great to you, then filing at age 70 may seem like the right choice -- at least initially. But before you make that your game plan, consider these reasons why claiming Social Security at 70 may end up being a poor choice.
Source Fool.com
