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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.
One from United Income in 2019, for example, estimates 57% of retirees would maximize their wealth by waiting until 70 to claim Social Security benefits. Note that's far from a certainty, and many ...
However, you most likely should not wait to claim spousal benefits until age 70. Doing so could leave a lot of money on the table. Doing so could leave a lot of money on the table.
In practice, though, here's why it may not work out. When you short yourself on lifetime income. Delaying Social Security past full retirement age results in a boosted monthly benefit for life. If ...
When it comes to filing for Social Security, many experts advise waiting until age 70 to snag the largest possible payments. The average retiree collects roughly $740 more per month at 70 than at ...
Many couples have one spouse file for Social Security early, so the household is drawing income, while waiting for the other spouse to reach age 70. At that point, the second spouse files and ...
Waiting until you're 70 is key to maximizing your Social Security benefits. Unfortunately, that’s not always possible for everyone -- sometimes circumstances force you to claim your benefits ...
That being said, there's actually a case to be made for claiming Social Security benefits well before you turn 70. I'm thinking about doing so as early as I possibly can, in fact.
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related to: why wait until 70 to draw social security and disability application requirements