The Pitfalls of Waiting Until You’re 70 to Collect Social Security
If you’ve been doing your homework, then you know one of the best ways to maximize your Social Security benefits is to wait until you are 70 to file. As Kiplinger reports, every month you delay filing past your full retirement age (FRA) can boost your benefits, so by the time you turn 70 you could receive as much as 8 percent more. That might sound great, but it’s not always the best decision.
The article dispels that myth saying you should think about your health and finances before deciding when to retire. You might want more money when you’re younger to spend on travel while you’re still more mobile and cognitively aware. However, if you think you will need more income as you age to cover medical expenses or long-term care, then you might want to hold off until age 70 before claiming Social Security.
This just goes to show that Social Security is not one-size-fits-all. No matter what your priorities are, The Seniors Trust believes all older Americans can benefit from passage of the Social Security Expansion Act. This landmark piece of legislation will increase monthly benefits, establish a fair cost-of-living adjustment (COLA), and secure the long-term solvency of the Social Security program, ensuring it is here for all retirees.
