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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.
Most personal finance and retirement experts recommend waiting until age 70 to claim Social Security benefits. The primary reason for that rule of thumb is because the average individual will ...
The way Social Security is set up, the longer you wait to collect retirement benefits, the higher your monthly payment. Claiming benefits at age 62 means you will get the smallest possible check.
We’ve all heard the advice: Wait until you’re 70 to claim Social Security and you’ll get the biggest possible monthly check. Tim F., a retired healthcare worker from Arizona, followed this ...
If you assume a retirement that lasts 25 years, monthly benefits will actually be shorted by $650 per month by the end of retirement, assuming a straight-line 2.5% COLA. The lower your monthly ...