You May Want to Claim Social Security on the Later Side. Here's Why.
When it comes to signing up for Social Security, you get a choice. You can take benefits once you turn 62. But if you don't wait until full retirement age (FRA) to file for Social Security, you'll have to accept a reduced monthly benefit for life. FRA occurs at age 67 for anyone born in 1960 or later.
There's also the option to delay your Social Security filing past FRA and score a higher monthly benefit in the process. Once you turn 70, the financial incentive to wait runs out. But if your FRA is 67 and you file for Social Security at 70, you'll get to boost your monthly benefit by 24% -- for life.
Of course, waiting to claim Social Security might mean having to make certain sacrifices, like working longer. But the upside may be worth it.
Source Fool.com
