Delaying Social Security Could Backfire on You in These Scenarios
You'll often hear that it's a good idea to delay your Social Security filing until the age of 70. Though you're allowed to sign up for benefits as early as age 62, you're not entitled to your full monthly benefit based on your wage history until you reach full retirement age (FRA), which kicks in at 66, 67, or somewhere in between.
However, for each year you hold off on claiming Social Security past FRA, your monthly benefit gets to grow by 8%. And that boost will then remain in effect for the rest of your life.
Once you turn 70, you can no longer grow your monthly benefit, so there's no sense in delaying your filing past that point. But in some cases, it also doesn't pay to wait until 70 to sign up for benefits. And if these scenarios apply to you, it could pay to claim Social Security much earlier.
Source Fool.com
