Planning to Claim Social Security at 70? It May Not Work Out
The decision to delay Social Security isn't an easy one. After all, it's hard to sit tight and wait for a large amount of money you know you're entitled to get. But if you hold off on claiming Social Security until age 70, you'll be rewarded in a very big way.
The earliest age you can claim Social Security is 62, albeit at a reduced rate. And you're entitled to your full monthly benefit based on your earnings history when you reach full retirement age (FRA), which is either 66, 67, or somewhere in between, depending on when you were born.
For each month you delay benefits past FRA, they increase by two-thirds of 1%. Hold off on signing up for Social Security until age 70, and you'll score a 24% to 32% boost in total, depending on your FRA.
Source Fool.com
