Why Don't More People Wait to Claim Social Security at 70?
Claiming Social Security at age 70 provides you the highest monthly benefit amount you can receive based on your earnings history. Especially if you're looking forward to a long and healthy retirement, waiting to claim Social Security at 70 can help you maximize your overall retirement income from the program.
Yet the most common age to claim Social Security is 62. That's the earliest possible age you can claim retirement benefits, and by claiming at that age, you're locking in the lowest monthly benefits you could receive. That raises a key question of why more people don't wait until age 70 to claim Social Security. Despite the obvious benefit of a higher monthly income from waiting, there are good reasons people claim earlier rather than deferring.
Image source: Getty Images.
Source: Fool.com
