January 21, 2022

Why you should claim Social Security at age 70

The decision to sign up for Social Security should not be taken lightly. That’s because your filing age determines how much money you end up raising each month.

If you claim social security with your full retirement age, or FRA, you get the exact monthly benefit your earnings history is entitled to. Applying for benefits ahead of FRA will result in a cut, while deferring benefits beyond FRA will result in a boost — and a potentially generous one, too.

In fact, if you stop claiming Social Security until age 70, that’s when deferred pension credits When you stop accruing, you increase your benefit by 24% to 32%, depending on your FRA. And that increase lasts for the rest of your life. That, in turn, could make it easier to cover these expensive retirement costs.

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