Claiming Social Security at age 70 offers increased monthly benefits due to annual boosts of 8% for each year delayed. However, this strategy especially pays off only if individuals live into old age. For those uncertain about their longevity or who prefer to maximize immediate cash flow, filing earlier might be more advantageous. It's a common misconception that benefits are automatically enrolled upon reaching a certain age; individuals must actively apply and determine their filing age to receive Social Security benefits.
Claiming Social Security at 70 can lead to larger monthly benefits, but it may not guarantee more lifetime income depending on your lifespan.
It's important to consider that while waiting until 70 to claim Social Security increases monthly benefits by 8% per year, the total lifetime benefit may vary.
Collection
[
|
...
]