The Best Reason to Take Social Security Long Before Age 70
Most seniors on Social Security sign up for benefits before the age of 70, and the most popular age to sign up is 62. But if you're willing and able to be patient, you'll be rewarded financially if you claim benefits at age 70.
You're entitled to your full monthly benefit, based on your earnings history, at what's known as full retirement age, or FRA. FRA is either 66, 67, or 66 and a specific number of months, depending on the year you were born.
If you claim benefits ahead of FRA, they'll be reduced on a permanent basis. But if you delay your filing beyond FRA, your benefits will increase by about 0.66% a month, or 8% a year, up until you turn 70, at which point there's no financial incentive to postpone your claim.
Source Fool.com
