I Used to Love the Idea of Claiming Social Security at 70. Here's Why I Don't Anymore.
In theory, it's a good thing that Social Security lets older Americans choose when to sign up for benefits. Though your benefits are based largely on your earnings history, your filing age also determines how much money you receive each month.But deciding on the right Social Security filing age is tough. It's easy to give in to the temptation to claim benefits at 62. But doing so will mean reducing those benefits on a lifelong basis.Image source: Getty Images.Continue reading
In theory, it's a good thing that Social Security lets older Americans choose when to sign up for benefits. Though your benefits are based largely on your earnings history, your filing age also determines how much money you receive each month.
But deciding on the right Social Security filing age is tough. It's easy to give in to the temptation to claim benefits at 62. But doing so will mean reducing those benefits on a lifelong basis.
Image source: Getty Images.
