Is 70 Really the Best Age to Claim Social Security?
Briefly

Deciding when to file for Social Security is crucial, particularly for seniors approaching retirement. Filing at age 70 provides the highest monthly benefit, increasing payments by 8% for each year past full retirement age (67). However, this choice has drawbacks, as delaying benefits means missing out on payments, and benefits may not maximize lifetime income if a person does not live long enough to receive a larger total. Evaluating one's break-even age is essential, balancing immediate needs against long-term income potential.
If you wait until full retirement age (FRA), you'll get your complete monthly benefit without a reduction. There's also the option to delay Social Security until age 70.
Doing so boosts your monthly payments by 8% for each year you hold off past FRA. With an FRA of 67, you have the opportunity to boost your monthly benefits by 24%.
Some people will tell you that 70 is the best age to take Social Security, but a claim at age 70 won't necessarily result in the most amount of money on a lifetime basis.
It's important to figure out your break-even age in the context of claiming Social Security, which is when you'd get the same lifetime benefit whether you file sooner or later.
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