The Best Reason to Take Social Security Long Before Age 70
Everyone wants higher income in retirement, right? You can get it by waiting to collect your Social Security benefits until you're 70. Even so, waiting until the last minute to collect your retirement benefit may not be the right strategy.
There are good reasons to collect your Social Security long before age 70. The best of those reasons is this: When you claim earlier, there are fewer wild cards that can affect the total value of your retirement benefit.
For context, here's a quick review of how timing affects your Social Security income. If you claim Social Security at your full retirement age (FRA), you receive your full benefit as calculated from your income history. Claim earlier than FRA, and your benefit is reduced, but if you claim later than FRA, your benefit goes up.
Source Fool.com
