The Big Question You Need to Ask Before Delaying Social Security
The great thing about Social Security is that you're allowed to sign up for benefits at different ages. You can file as early as age 62 or delay your filing until the age of 70. Technically, you can claim Social Security beyond age 70, but there's no financial incentive to hold off on filing past that point.
Delaying Social Security will result in a higher monthly benefit for life. If your full retirement age (FRA) is 67 and you decide to sit tight and claim benefits at age 70, you'll end up with a monthly payday that's 24% higher -- for life.
Tempting as that may be, delaying benefits doesn't always make sense. Before you make the decision to hold off on claiming Social Security, you'll need to answer one sobering question.
Source Fool.com
