Statistics Say Retirees Should Claim Social Security Benefits at Age 70: Here Are the Pros and Cons
One of the most important decisions a retired worker will make is when to start Social Security. The choice is particularly momentous because monthly benefits are often the largest source of retirement income, and claiming age has a profound impact on the size of those monthly checks.
Many experts have run statistical analyses on the topic, and the prevailing consensus is this: Lifetime Social Security income is generally maximized by delaying benefits until age 70, assuming average life expectancy. But that does not mean 70 is the right age to claim Social Security. Some retired workers may want to maximize benefits at any cost, but others may have different priorities. Both are OK as long as the decision is made with full understanding of the consequences.
Here are the pros and cons of delaying Social Security retirement benefits until age 70.
Source Fool.com
