Turning 70 in 2023? Here's What You Need to Know.
Your 70th birthday is a big one, and one worth celebrating. But it's also an age that has significant implications in the context of retirement. If you'll be turning 70 in 2023, here's what you need to know.
You'll often hear that it's a good idea to delay your Social Security filing. The reason? Holding off on claiming benefits past full retirement age (FRA) could result in a substantial boost. And if you don't have the largest nest egg, that extra money could come in very handy.
For each year you hold off on filing for Social Security past FRA, your benefits get to grow by 8%. And if you're turning 70 in 2023, it means your FRA was 66. In that case, claiming Social Security at 70 means snagging a 32% boost -- not too shabby.
Source Fool.com
