Most people approaching retirement may know that waiting to claim Social Security benefits until you reach age 70 results in a much higher monthly benefit. However, they should consider the possible downside of waiting until then. You can claim benefits as early as age 62, but you won’t receive the full benefit until you reach your full retirement age (FRA), 66 or 67, depending on your birth year.
If you reach your FRA and wait until age 70, you can increase your monthly benefit by 8 percent. All this sounds like a reason to wait, but you must consider key factors such as how much you’ve already saved for retirement, as well as your overall health. Claiming earlier, even before your FRA, means receiving years of payments that increase your lifetime income.
Those who have medical conditions that might impact their longevity may decide to claim benefits as soon as possible. Clearly, there’s no hard and fast rule on the best timing for filing for Social Security. Living until the average life expectancy means you’ll probably break if you file earlier.
Social Security Has Short-Changed Seniors
You’re entitled to all of the Social Security benefits you were promised. Here at Council of Seniors, we’re totally focused on getting Congress to pass The SAVE Benefits Act. You deserve this bill because the annual Social Security cost-of-living adjustment (COLA) has been insufficient in past years. If we succeed, eligible seniors will recover the $581 missing from their benefits.
Please sign our petition right now to start helping. Your support can provide the wake-up call needed to return this money to seniors.
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