Understanding the Benefits of Delaying Social Security Claims Until Age 70
Sunday, 11 August 2024, 02:05
Maximizing Benefits by Delaying Social Security
Most financial advisors highlight that claiming Social Security at the age of 70 provides the best financial outcome. Here are some critical points to consider:
- Increased Monthly Payments: Waiting until 70 increases the monthly benefit significantly.
- Extended Lifetime Benefits: For those living longer, delaying claims could lead to greater total benefits.
- Health Considerations: Evaluate personal health and financial needs before claiming.
Conclusion
Ultimately, despite the temptation to start receiving benefits earlier, it is advisable to consider the long-term implications of waiting until age 70. This strategy not only promises higher monthly payments but also offers significant financial security throughout retirement.
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.