Planning to Delay Social Security? Don't Neglect Your Savings Because of That
Social Security gives you lots of choices when it comes to filing for benefits. The earliest age to claim Social Security is 62. But you're not entitled to your full monthly benefit based on your earnings history until full retirement age (FRA) arrives. FRA is either 66, 67, or somewhere in between, depending on your year of birth.
You can also delay your Social Security filing past FRA. For each year you do, your benefits get an 8% boost.
You can only grow your benefits until the age of 70. So while you're not forced to claim Social Security on your 70th birthday, there's no reason not to.
Source Fool.com
