Claiming Social Security Benefits At Age 70: What You Need to Know
Claiming Social Security At Age 70: A Common Strategy
The consensus among personal finance experts is that claiming Social Security benefits at age 70 provides retirees with the maximum potential benefits. However, this assertion isn't as straightforward as it seems. Various factors come into play that could influence whether waiting is the best choice.
Factors to Consider
- Life Expectancy: Your personal health and family history may indicate a different claiming strategy.
- Financial Needs: Immediate financial needs might necessitate taking benefits earlier, despite potential reductions.
- Spousal Benefits: The timing of your claim can affect your spouse's benefits, which might warrant a different approach.
Final Thoughts on Social Security Timing
Ultimately, while many advocate for claiming Social Security at age 70, it's crucial to evaluate your unique circumstances. The personal and financial implications could lead to a different decision that aligns better with your retirement goals.
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.