The Unfortunate Truth About Claiming Social Security at Age 70
Maximizing your wealth in retirement isn't as simple as waiting until age 70 to claim Social Security.
If you want to maximize your Social Security benefits, you're probably thinking you should wait until age 70 to apply. After all, 70 is the age when you stop accruing delayed retirement credits, which increase your monthly check for each month you wait to claim Social Security. All things being equal, you'll end up with a check about 77% bigger than what you'd receive if you claimed as soon as possible at age 62.
But waiting until 70 isn't necessarily the slam dunk it might seem. There are a lot of drawbacks to consider when it comes to your overall retirement picture, including your personal retirement savings and your total household retirement income. Here's the unfortunate truth about claiming Social Security at age 70.
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