Turning 70 in 2022? Here's What You Need to Know

Turning 70 is a milestone worth celebrating. It's also an age that could lead to a financial reality check. Here are some important pieces of information to know if this is the year of your 70th birthday.

The Social Security benefit you're entitled to during retirement is based on your personal earnings history. Once you reach full retirement age, or FRA, you can claim that benefit in full. FRA kicks in at 66, 67, or somewhere in between, depending on your year of birth.

You can also hold off on claiming Social Security past FRA. For each year you do, your benefit grows 8% on a permanent basis.

Source Fool.com