Plan to Delay Social Security Past Age 70? Here's Why You Ought to Rethink That.
One pretty neat thing about Social Security is that when you're eligible for benefits, you'll get a choice of filing options. You can claim Social Security as soon as you turn 62. However, you're not entitled to your complete monthly benefit, based on your personal income history, until you reach full retirement age, or FRA. That age is 66, 67, or somewhere in between, depending on when you were born.
If you claim Social Security ahead of FRA, your monthly benefit will be reduced -- for life. On the flip side, if you delay your filing past FRA, your monthly benefit will get a boost -- also for life.
That boost comes in the form of delayed retirement credits. And those credits can increase your Social Security benefits by 8% for each year you delay your filing past FRA.
Source Fool.com