Think Claiming Social Security at 70 Is Your Safest Bet? Here's Why That Decision Could Backfire
It's in your best interest to retire with some amount of money saved up. If you let yourself retire on Social Security alone, you might end up having a hard time covering your expenses. But if you're getting closer to retirement and you aren't happy with the amount of money you've saved to date, you may be inclined to delay your Social Security claim until age 70.If you were born in 1960 or later, you can collect your complete monthly Social Security benefit without a reduction at 67, which is full retirement age. You can also sign up sooner -- as early as age 62. But for each month you claim Social Security before full retirement age, your benefits get reduced.Image source: Getty Images.Continue reading
It's in your best interest to retire with some amount of money saved up. If you let yourself retire on Social Security alone, you might end up having a hard time covering your expenses. But if you're getting closer to retirement and you aren't happy with the amount of money you've saved to date, you may be inclined to delay your Social Security claim until age 70.
If you were born in 1960 or later, you can collect your complete monthly Social Security benefit without a reduction at 67, which is full retirement age. You can also sign up sooner -- as early as age 62. But for each month you claim Social Security before full retirement age, your benefits get reduced.
Image source: Getty Images.
