This Could Be the Best Reason to Delay Social Security

There's a reason seniors are told to choose their Social Security filing age carefully. Though your monthly benefit will be based on your earnings history, the age at which you claim it will help determine how much money you get.

The earliest age you can sign up for Social Security is 62, but filing at that point will result in a reduced benefit. If you wait until full retirement age (FRA) to file, you'll get the complete monthly benefit your wage history renders you eligible for.

There's also the option to delay your filing past FRA. For each month you do, up until age 70, your benefit will get a modest boost. On an annual basis, that boost amounts to 8%. So if you're looking at an FRA of 67, which would be the case if you were born in 1960 or later, then postponing your filing to age 70 would result in a monthly benefit that's 24% higher.

Continue reading

Source Fool.com