I Used to Think 70 Was the Best Age to Claim Social Security. Here's Why I've Changed My Tune
One neat thing about Social Security is that the program gives you a choice of filing ages. Once you turn 62, you can sign up to receive benefits at any time. But you won't get your full monthly benefit (the one you're entitled to based on your personal income history) until full retirement age (FRA) arrives. FRA is 66, 67, or somewhere in the middle, depending on the year you were born.
There's also the option to delay your Social Security claim past FRA. For each year you do, up until age 70, your monthly benefits grow 8%. So all told, you could end up with a monthly Social Security paycheck that's 24% to 32% higher than it would be at FRA by delaying your claim until the age of 70.
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Source Fool.com
