================================
Sign up for email list here.

My course “Everything You NEED to Know About Investing” will help reduce your stress when it comes to your investments.

Get it here:

and don’t forget there IS a 30 day money back guarantee if you’re not satisfied!

Find this video of value? Buy me a cup of coffee!

Get my books on Audible here:

My Amazon Product page:

Anything you buy there Amazon pays me a commission. Much appreciated!

GET MY BOOKS:
ALL are FREE to Kindle Unlimited Subscribers!

You Can RETIRE on SOCIAL SECURITY:

The Tax Bomb In Your Retirement Accounts: How The Roth IRA Can Help You Avoid It:

Strategic Money Planning: 8 Easy Ways To Put Your House In Order

GET ALL MY LATEST BLOGPOSTS:
…(read more)

LEARN MORE ABOUT: IRA Accounts

CONVERTING IRA TO GOLD: Gold IRA Account

CONVERTING IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

Social Security is a key pillar of retirement security for millions of Americans. The program provides critical financial support to seniors after they retire, helping them maintain a basic standard of living and cover their expenses. While it may be tempting to wait until age 70 to start collecting Social Security benefits in order to maximize your monthly payments, there are several reasons why this may not be the best strategy for everyone. In this article, we’ll explore three reasons why waiting until age 70 to take Social Security may not be the best decision for you.

1. Health concerns: One of the main reasons people choose to delay taking Social Security until age 70 is to maximize their monthly payments. By waiting until this age, you can potentially increase your benefit amount by up to 8% per year, compared to taking benefits at full retirement age (typically around age 66 or 67). However, if you have health concerns or a family history of illness that may limit your life expectancy, waiting until age 70 may not be the best choice. In these cases, it may make more sense to start collecting benefits earlier in order to ensure you receive the maximum amount of support over your lifetime.

2. Financial needs: Another important factor to consider when deciding when to start taking Social Security is your current financial situation. If you are facing financial difficulties or struggling to make ends meet, waiting until age 70 to start collecting benefits may not be feasible. In these cases, it may be better to start taking benefits earlier in order to provide yourself with the financial support you need. While this may result in lower monthly payments, it can help to alleviate immediate financial pressures and ensure your basic needs are met.

3. Opportunity cost: Finally, it’s important to consider the opportunity cost of waiting until age 70 to start taking Social Security. By delaying benefits, you are potentially forgoing years of payments that could have been used to fund your retirement or cover expenses. Depending on your financial situation and goals, it may be more beneficial to start collecting benefits earlier and use the money to invest, pay off debt, or enjoy your retirement years. By carefully weighing the potential benefits of waiting until age 70 against the opportunity cost of delaying benefits, you can make an informed decision that aligns with your personal circumstances.

In conclusion, while waiting until age 70 to start taking Social Security benefits can be a strategic decision for some individuals, it may not be the best choice for everyone. Factors such as health concerns, financial needs, and opportunity cost should be carefully considered when deciding when to start collecting benefits. By evaluating your own situation and weighing the pros and cons of delaying benefits, you can make a decision that best serves your long-term financial security and stability in retirement.