Why I Hope to Claim Social Security at 70
One neat thing about Social Security is that it gives you a choice when it comes to claiming benefits. You're entitled to your full monthly benefit based on your wage history at full retirement age, or FRA. FRA kicks in at 66, 67, or somewhere in between -- it depends on the year you were born.
However, you're allowed to sign up for Social Security beginning at age 62. Filing before FRA will result in reduced benefits, but hey, at least the option exists. And on the flip side, you can delay your filing past FRA and boost your benefits in the process. For each year you hold off on claiming Social Security up until age 70, your benefits grow 8%.
For many people, the idea of waiting until 70 to collect Social Security is unappealing. That's because many people don't want to wait that long to retire, but they can't retire without having access to their benefits. I, however, really hope to be in a position to claim Social Security at 70 for one big reason.
Source Fool.com
