The No. 1 Reason to Claim Social Security at Age 70
Waiting until 70 to claim Social Security benefits is widely lauded as a smart move for those who can afford it. This can be especially difficult if you're more than ready to retire at 62 or if you don't have huge personal savings to fall back on. Still, for those who can stick it out another eight years, waiting until 70 to file for benefits can have a big effect on the total amount you collect in retirement.
Here, we'll drive home the No. 1 reason it makes sense to wait until 70 to start Social Security.
By far the most important reason to wait until 70 to start collecting Social Security is that you'll lock in a higher monthly payout for the rest of your life. If you can manage to delay filing your claim beyond full retirement age ("FRA") -- which is usually 66 or 67 -- you'll receive an additional 8% in benefits for every year you wait. At age 70, the compounded value of these increases will be at their highest point.
Source Fool.com
