The Big Reason Why People Are Taking Social Security at 70
When it comes to picking the best time to claim your Social Security benefits, there's no one-size-fits-all answer. Some people take Social Security at age 62 -- the earliest age possible -- so they can enjoy their benefits while they're younger and, arguably, more active. Others delay Social Security as long as they can -- until age 70 -- to benefit from delayed retirement credits, which can add thousands of dollars per year in income.
In order to make the best decision on when to begin collecting benefits, you need to understand exactly how much delayed retirement credits are worth, and how much you'd be leaving on the table if you begin collecting Social Security early.
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Source Fool.com
