The No. 1 Reason to Claim Social Security at Age 70
When it comes to claiming Social Security, you have choices. You're entitled to your full monthly benefit based on your personal wage history at full retirement age, or FRA. FRA is either 66, 67, or somewhere in between, depending on the year you were born.
Meanwhile, you're allowed to sign up for a reduced benefit beginning at age 62. You can also delay your Social Security filing beyond FRA. For each year you do, your benefit will increase by 8% on a permanent basis.
Once you turn 70, you won't get any financial reward for delaying Social Security, so you might as well sign up for benefits at that point. Doing so, however, could leave you with a monthly benefit that's 24% to 32% higher than what it would've been had you signed up at FRA.
Source Fool.com
