Should You Really Delay Social Security? Ask Yourself These Questions to Find Out
You'll often hear that delaying your Social Security filing as long as possible is a smart move. You can first sign up for benefits at the age of 62, but doing so will give you a lower monthly paycheck for life.
If you wait until full retirement age, or FRA, to claim Social Security, you'll get the exact monthly payout your earnings history entitles you to. And if you delay your filing beyond FRA, you'll boost your benefits by 8% a year, up until the age of 70, which is when that incentive runs out.
Clearly, delaying your benefits could work to your financial advantage. If your FRA is 67 and you hold off on filing until 70, you'll snag a 24% boost that will remain in effect for the rest of your life. But before you assume that delaying your benefits is the right call, ask yourself these questions.
Source Fool.com
