Why Waiting Until Age 70 to Claim Social Security Can Benefit Your Financial Future
Saturday, 27 July 2024, 10:08
Understanding Social Security Benefits
There isn't a one-size-fits-all answer about when to claim Social Security retirement benefits. The timing can greatly affect your financial outcomes. Here are three compelling reasons why waiting until age 70 to claim benefits can be a prudent strategy:
Maximize Your Monthly Benefits
- Higher payouts: By delaying your claim, your monthly benefit amount increases significantly.
Protect Against Longevity Risk
- Steady income: Waiting can help ensure you have a more substantial income stream later in life.
Strategic Financial Planning
- Better overall strategy: A delayed claim may fit better into your overall retirement plan.
Ultimately, determining the best time to claim your Social Security benefits requires careful consideration of your individual financial situation.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.