The Best Reason to Take Social Security Long Before Age 70
If you're approaching retirement age, you may be grappling with a big decision: Should you take a reduced Social Security benefit as early as age 62, wait until full retirement age, or hold out for the maximum benefit at age 70? Waiting until you're 70 will give you a monthly check that's 77% higher than starting at 62.
The decision can feel like a morbid calculus. If you can figure out your odds of dying relatively young versus living into your 90s, you can maximize your lifetime benefits. But focusing on the lifetime benefit ignores the reality so many seniors face: Older Americans often can't afford to worry about how much Social Security they'll collect over their lifetimes because they need those checks to survive right now.
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Source Fool.com
