The No. 1 Reason to Claim Social Security at Age 70
With inflation rates not seen since the 1980s, retirees and pre-retirees alike haven't been this concerned about rising prices in some time. Combine this with a falling stock market and an increasing scarcity of defined benefit pension plans, and Social Security stands to play an even larger role in the financial plans of retired Americans. Consequently, waiting until age 70 to claim Social Security benefits -- if it's feasible for you -- can be a smart financial choice for a variety of reasons.
Here, we'll dig into why inflation is the No. 1 reason it makes a lot of sense to wait until age 70 to file for Social Security benefits.
Without overstating the obvious, inflation is a major issue for retirees living on fixed incomes. It slowly eats away at your purchasing power as every dollar buys fewer goods and services than it did even a year ago. Those who can still generate some sort of additional income (even if they've retired from their main job) can create a bit of a shield against rising prices, but not everyone finds themselves in such a position.
Source Fool.com
