Claiming Social Security at age 70 can double your monthly benefits compared to claiming at 62; however, personal circumstances such as health and retirement plans must be considered.
The Social Security benefits are adjusted annually for inflation and wage increases, which means that retirees must stay informed about these changes to plan their finances effectively.
Your Social Security benefits are influenced heavily by your work history, specifically the highest-earning 35 years of your career. Fewer years worked can lead to lower benefits.
Ultimately, while many advocate for claiming at a later age, there are multiple personal factors that dictate when is the best time for you to retire.
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