Claiming Social Security at Age 70 Will Help You Manage These 3 Retirement Expenses
The decision to sign up for Social Security isn't one to be made lightly. That's because your filing age will dictate how much money you ultimately collect each month.
If you claim Social Security at your full retirement age, or FRA, you'll get the exact monthly benefit your earnings history entitles you to. Filing for benefits prior to FRA will result in a reduction, while delaying them beyond FRA will result in a boost -- and a potentially generous one at that.
In fact, if you hold off on claiming Social Security until age 70, which is when delayed retirement credits stop accruing, you'll boost your benefits by 24% to 32%, depending on your FRA. And that increase will remain in effect for the rest of your life. That could, in turn, make it easier to cover these costly retirement expenses.
Source Fool.com
