2 pros and 3 cons of delaying social security until 70 | personal finance

(KaileyHagen)

You can sign up for Social Security any time after you turn 62, but many people have their 70th birthday circled on their calendar as the time they go to claim. It may seem strange to wait that long, but there are some significant benefits to doing so. However, it is not suitable for everyone. Here’s a look at the pros and cons of delaying your Social Security benefits until age 70.

Two advantages of delaying Social Security until age 70

If you delay Social Security, you can expect these rewards:

Image source: Getty Images.

1. You will get your biggest monthly checks

Every month you delay Social Security benefits increase your checks, at least until you turn 70. That’s when you qualify for your highest possible benefit. But how much you receive depends on your income during your working years and your year of birth.

People are also reading…

  • 2017 Copperhead Encounter Has Disabled Spotsylvania Woman
  • Spotsylvania man, 18, charged in sex trafficking case
  • Fredericksburg-area restaurants cited for labor violations
  • Spotsylvania woman, 66, dies in house fire
  • Editorial: Parents must learn to let go
  • National Park Service approves grant to preserve Todd’s Tavern site
  • The 10-year-old dancer from Stafford and her father will take the stage on primetime television
  • Stafford Police Investigating Possible $200,000 Phishing Scam
  • Steelers QB Dwayne Haskins dies in car accident
  • Spotsylvania School Board to consider changing public comment policy, amending January 10 meeting minutes
  • Man convicted of murder in Spotsylvania sentenced to 58 years
  • Women’s basketball: Odyssey could bring Austin to Mystics in WNBA draft
  • Fredericksburg-area farmers’ markets gear up for the new season
  • Virginia Singer Kenedi Anderson Quits ‘American Idol,’ Two Other Virginia Contestants Make Top 24
  • Huge Great White Shark Stalked Off North Carolina Coast, Tracking Shows

The government assigns everyone a full retirement age (FRA) depending on when they were born. Most workers today have an ARF between the ages of 66 and 67. You must wait until this age to claim the full benefit to which you are entitled based on your work history. Claiming early reduces your checks while delaying increases them.

Spread the love

What do you think?