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If you claim before reaching full retirement age, you receive less than your PIA. In other words, the longer you wait to claim, the larger your benefit will be (with a cap at age 70).
If you're in line to receive the maximum possible Social Security check, it's likely a smart decision to wait until age 70 to claim your benefit. For one, you likely have ample retirement savings ...
If you claim benefits before your full retirement age, you'll receive less than your PIA. ... Someone with a full retirement age of 67 will only receive 70% of their PIA if they claim as soon as ...
The advantage of an age 70 claim is that you're guaranteed to maximize your monthly benefit, which will be between 24% and 32% more than what you would have received at your full retirement age ...
Image source: Getty Images. You're taking a risk. As mentioned, studies show the average retiree will collect more in Social Security benefits over their lifetime if they delay until age 70.
Once you hit retirement, you’ll start receiving bridge payments in the amount of your Social Security benefits if you chose to claim them at 62. These payments will continue until you reach 70 ...
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