Should You Claim Social Security at 70?
The tricky thing about filing for Social Security is that you're not limited to a single age in doing so. You're allowed to claim benefits as early as age 62, and while you technically don't have to file by 70, there's no financial reason to wait past that point. As such, 70 is generally considered the latest age to take benefits -- but it is the right time for you?
Your monthly Social Security benefits are calculated based on how much you earned during your highest-paid 35 years of wages, and you're entitled to your full monthly benefit once you reach full retirement age. That age, depending on your year of birth, is either 66, 67, or somewhere in between. Now as mentioned earlier, you're allowed to file for benefits sooner, but for each year you claim Social Security ahead of full retirement age, your benefits will be reduced, and in most cases, on a permanent, lifelong basis.
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