Can't Decide When to Claim Social Security? Filing at Age 67 Could Help You Hedge Your Bets.
Deciding when to sign up for Social Security is a tough thing. If you file at age 62, the earliest possible age to claim benefits, you'll reduce your monthly Social Security payments on a permanent basis. And that could lead to financial struggles throughout retirement. Plus, if you end up living well into your 90s, you'll end up with a lot less money from Social Security all-in by filing as early as possible.
On the other hand, if you sign up at the latest possible age of 70, you'll get a boosted monthly benefit. But then, you'll risk shorting yourself on lifetime income if you end up passing away at a younger age than expected. (To be clear, you can technically file for Social Security after turning 70. But since there's no financial upside, 70 is usually referred to as the latest filing age.)
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Source Fool.com
