Planning to Delay Social Security Benefits Until 70? Here's Why That Might Not Be the Best Bet
If you had to rank questions surrounding retirement in order of importance, when you should claim Social Security would be near the top because it determines how much you receive in monthly benefits, which is a key component of many people's retirement finances.
Your full retirement age (FRA) is when you're eligible to receive your basic monthly benefit, but you can claim sooner or later than this age. Claiming benefits before FRA (as early as age 62) will reduce them permanently based on how early you claim, and delaying benefits does the opposite (up to age 70).
Although the thought of higher monthly benefits is appealing, there's one key reason why that might not be the best route to take.
Source Fool.com
