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Claiming Social Security at 70 Is Risky. Here's Why.
The most recent Federal Reserve data on retirement savings points to a median $200,000 balance among Americans aged 65 to 74. Even the less representative average savings of people in that age group -- roughly $609,000 -- isn't so vast when you consider that it might need to last for 20 or 30 years.That's why many retirees are motivated to do what they can to get more out of Social Security. While there's always the possibility for savings to run out, Social Security is guaranteed to pay you a monthly benefit for the rest of your life. So you may be eager to lock in as large a benefit as you can. And a great way to do that is to file for Social Security at age 70.Image source: Getty Images.Continue reading
The most recent Federal Reserve data on retirement savings points to a median $200,000 balance among Americans aged 65 to 74. Even the less representative average savings of people in that age group -- roughly $609,000 -- isn't so vast when you consider that it might need to last for 20 or 30 years.
That's why many retirees are motivated to do what they can to get more out of Social Security. While there's always the possibility for savings to run out, Social Security is guaranteed to pay you a monthly benefit for the rest of your life. So you may be eager to lock in as large a benefit as you can. And a great way to do that is to file for Social Security at age 70.
Image source: Getty Images.
