Should You Claim Social Security at 70?

As you near retirement age, one of the most important decisions you'll have to make is when to file for Social Security benefits.

You can claim them as early as age 62, although doing so would mean a significant reduction in the size of your monthly benefit payment. The federal government has designated an age for each of us based on the year of our birth as our "full retirement age" (FRA) -- the one at which filers are entitled to what is defined as our standard benefit amount. Start taking Social Security earlier than that, and your benefits will be reduced by a fraction of a percent for each month below your full retirement age you are when you begin. Or you can wait until after your FRA and earn delayed retirement credits on your retirement benefits up until the age of 70. These boost the size of your monthly checks.

Since waiting until 70 will net you the largest possible monthly retirement benefits, there's a strong argument to be made for doing that. After all, that strategy maximizes your payouts from a guaranteed lifetime income source that's also protected against inflation.

Source Fool.com