Should you claim Social Security at full retirement age or 70?

Learn what some of the scenarios could be for when it might make sense to claim Social Security at full retirement age or later.

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Should I Claim Social Security at Full Retirement Age or 70?

Choosing when to claim your Social Security benefits is a critical decision that can significantly impact your retirement income. Many factors play a role in determining the ideal time to claim these benefits, and one of the biggest considerations is whether to take them at full retirement age or wait until age 70. While there is no one-size-fits-all answer to this question, understanding the advantages and disadvantages of each option can help you make an informed decision.

Full Retirement Age (FRA) is the age at which you become eligible to receive your full Social Security benefits. Your FRA is determined by your birth year and can range from 66 to 67 for those born between 1943 and 1959. Claiming benefits at your FRA can be a popular choice for people who wish to retire and start receiving a consistent income as soon as possible.

One of the advantages of claiming Social Security at your FRA is that you receive your full benefit amount without any reductions. If you claim earlier than your FRA, the benefit amount will be permanently reduced, while waiting until after your FRA can lead to increased benefits with delayed retirement credits. By claiming at your FRA, you strike a balance between receiving benefits as early as possible without sacrificing a significant portion of your monthly income.

On the other hand, waiting until age 70 to claim Social Security comes with its own set of advantages. Delaying benefits beyond your FRA can result in an increase of about 8% per year in your benefit amount until you reach the age of 70. This increase is known as the delayed retirement credit, which can substantially boost your monthly income. By waiting, you also increase the base amount on which your future cost-of-living adjustments (COLAs) are calculated, resulting in higher annual adjustments throughout your retirement.

Another advantage of waiting until age 70 is the potential for longevity. If you expect to live a longer life or have good health prospects, delaying benefits allows you to maximize your monthly income for a longer period. This can provide greater financial security and stability in the later years of retirement.

While there are clear benefits to waiting until age 70, it’s essential to consider the financial aspect. If you can afford to delay claiming Social Security and have other sources of income to rely on, it may make sense to wait. However, if you’re in need of the additional income to cover living expenses or other retirement costs, claiming at your FRA may be the more practical choice.

Ultimately, choosing between claiming Social Security at your full retirement age or waiting until age 70 is a highly personal decision. It depends on various factors, such as your health, financial situation, and desired retirement lifestyle. To make the best choice, it’s crucial to consult with a financial advisor who can help evaluate your individual situation and guide you towards the most suitable option.

In conclusion, the decision to claim Social Security benefits at full retirement age or wait until age 70 is not one to be taken lightly. Weighing the advantages and disadvantages of each option, considering your financial circumstances, and seeking professional advice are crucial steps in making an informed decision that aligns with your retirement goals. Remember, the right choice for you may not be the same as someone else’s, so take the time to evaluate what works best for your individual circumstances.