I Used to Think 70 Was the Best Age to Claim Social Security Benefits. Here's Why I've Changed My Mind
As you get closer to retirement, there are many decisions you'll have to make. Whether it's deciding when to retire, where to live, or how to allocate retirement funds, these are all decisions that can affect your quality of life.
Another key retirement consideration is when to claim Social Security because it permanently affects your monthly benefit. And for millions of Americans, Social Security accounts for a good amount of their retirement income.
For a while, I thought 70 was the best age to claim Social Security because it maximizes your monthly benefit. Various studies have confirmed it's the best way to increase your lifetime benefits as well. However, waiting until 70 requires giving up many months of payments, and looking at retirement holistically, retirees should lean toward an early claim to enjoy their benefits sooner.
Source Fool.com
