3 Risks of Delaying Social Security Until Age 70
Saturday, 9 March 2024, 19:00
Risks of Delaying Social Security Claim Until 70
Delaying Social Security until age 70 can bring about potential risks that individuals should carefully consider. Claiming later may lead to lesser lifetime benefits, increased financial challenges in the 60s, and restricted benefits for family members.
1. Lifetime Benefit Reduction
- If you don't live until 70: You risk receiving fewer benefits over your lifetime if you pass away before reaching 70.
- Managing finances: Delaying benefits can pose financial challenges in your 60s, especially if forced into early retirement.
2. Financial Challenges in the 60s
- Retirement Expenses: Seniors will need to cover expenses without Social Security until 70, potentially causing financial hardship.
3. Limiting Benefits for Family
- Family Benefits: Delaying benefits prevents other family members from claiming their benefits until you start receiving Social Security.
For most individuals, balancing these risks against the potential for a larger lifetime benefit is crucial in deciding when to claim Social Security.
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.