Claiming Social Security at 70 Makes Absolute Sense in These Scenarios

The decision to sign up for Social Security isn't one to take lightly, because the filing age you land on will dictate how much monthly income you ultimately collect during your senior years. You're entitled to your full monthly benefit, based on your personal income history, once you reach full retirement age, or FRA, which is either 66, 67, or somewhere in between, depending on your year of birth. However, you're allowed to claim benefits as early as age 62, or delay your filing until age 70. The latter move will boost your benefits by 8% a year, so it's an appealing one to consider -- especially if these circumstances apply to you.

Many seniors are forced to retire earlier than planned, and the unfortunate reality is that if you lose your job later in life, you might struggle to find another one. But if your employer is willing to keep you on and you're able to continue working until age 70, then doing so should make it possible to delay your benefits until that point, thereby allowing them to grow.

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Source Fool.com