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Given an increase in life expectancies, it's not a bad idea to aim to retire at age 70 instead of planning to do in your mid- or even late 60s. In fact, retiring at age 70 offers a number of benefits.
This could quickly become the most-popular of all claiming ages, given that age 67 is the full retirement age for anyone born in or after 1960 (i.e., most of today's workforce).
After examining 292 retirement income strategies, the research team found that delaying Social Security payments until age 70 is a key component of the best strategy for most people, known as the ...
For each full year you delay claiming benefits after your "full retirement age," your benefit increases by 8% annually. This delayed retirement credit increases until the age 70.
Age 62 is the earliest you can claim benefits, 67 is most people's full retirement age, and 70 is when monthly benefits stop increasing if you delay claiming them past your full retirement age.
Living off of Social Security alone after retirement can be done with ... as your benefit checks are set to increase by a certain percentage for each month that you delay up until the age of 70. ...
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