Turning 70 in 2020? 3 Things to Know
Your 70th birthday is a milestone worth celebrating. And if it's arriving in the coming year, here are a few financial matters worth contemplating.
Many seniors sign up for Social Security well in advance of 70. In fact, you're allowed to start claiming benefits as early as age 62, and once you reach full retirement age, which is either 66, 67, or 66 and a certain number of months, you'll be entitled to your full monthly Social Security benefit based on your earnings record.
But if you're nearing 70 and haven't yet taken benefits, it means you've done a great job of accruing delayed retirement credits and boosting your Social Security income by 8% a year since full retirement age. That's huge.
Source Fool.com
