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Image source: Getty Images. You're taking a risk. As mentioned, studies show the average retiree will collect more in Social Security benefits over their lifetime if they delay until age 70.
Most personal finance and retirement experts recommend waiting until age 70 to claim Social Security benefits. The primary reason for that rule of thumb is because the average individual will ...
But if you wait to claim until age 70, you’ll get more money in a shorter time span to make up for those eight years you weren’t collecting benefits. How Long You Paid in Matters
However, the full retirement age for collecting 100% of your Social Security benefits is 67. If you delay claiming benefits, you can earn an extra 8% yearly until age 70. ... Can’t Wait Until 70 ...
On the other side of the coin, you have an opportunity to continue delaying Social Security until age 70 to collect a bigger monthly benefit. Delaying three years from 67 to 70 will result in a 24 ...
Indeed, the monthly checks being cashed by 62-year-olds -- the earliest age at which you can claim -- is only a little more than half the payments collected by those who wait until the maximum age ...
So if your full benefit were $1,000 a month at age 67, you’d receive $1,240 at age 70. ... Top reasons to wait until age 70 to claim Social Security benefits.
Less than 10% of older adults wait until age 70 to file, according to data from the Social Security Administration, while nearly one-quarter file at age 62. ... Waiting until 70 could maximize ...
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