The Unfortunate Truth About Claiming Social Security at Age 70
Most retirees know that if they want to maximize their Social Security benefits, they likely need to wait until they turn 70 years old. Individuals receive delayed retirement credits that add 8% to their monthly Social Security checks for every year they delay past their full retirement age up until 70. A 2019 study from United Income found that the majority of retirees would maximize their benefits by waiting until 70.
But there are also downsides to waiting that long. Here are some potential drawbacks to claiming Social Security at age 70.
While the odds are you'll maximize your benefits by waiting until 70 to claim Social Security, there's still a big risk that you won't. Just 57% of retirees would make an optimal decision by waiting that long. That means there's a 43% chance 70 is not the right age for you.
Source Fool.com
