The Best Reason to Take Social Security Long Before Age 70
Retirement planning involves a long list of important decisions. From where to retire to your retirement savings withdrawal strategy to your desired retirement plans, there's no shortage of decisions. However, one of the more important decisions anyone will make about retirement is when to claim Social Security.
Your full retirement age is when you're eligible to receive your primary insurance amount (PIA), but you aren't required to claim benefits then. You can claim before your full retirement age (starting at 62), reducing monthly benefits, or delay benefits past your full retirement age (until 70), increasing monthly benefits.
The thought of delaying Social Security benefits until 70 may seem appealing because of the increased monthly payouts. But there's one good reason why that might not be the best option, and it all starts with your break-even age.
Source Fool.com
