The Best Reason to Take Social Security Long Before Age 70

When it comes to claiming Social Security, you have choices. You can sign up for benefits at full retirement age (FRA), which is either 66, 67, or somewhere in between, depending on your year of birth, and by waiting until then, you're guaranteed the full monthly benefit you're entitled to based on your earnings history. But you actually get an eight-year window to take benefits. You can first sign up beginning at age 62, but you should know that for each month you file ahead of FRA, your benefits get reduced. Claim them at 62 with an FRA of 67, and you're looking at 30% less Social Security income each month.

On the other hand, you have until age 70, from a logical standpoint, anyway, to file for benefits. What does that mean? Well, technically, there's no end date with regard to signing up for benefits. You can file at age 100 for all the Social Security Administration cares. But there's no financial incentive for waiting past the age of 70.

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Source Fool.com