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


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.

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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.

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