Why Most Retirees Won't Delay Social Security Until Age 70 -- Even if It Pays More

There are many things to consider when planning for retirement, but one of the most difficult decisions is deciding when to claim Social Security. Retirees can begin claiming Social Security benefits as soon as age 62 and as late as age 70. The caveat is that over this eight year period, the longer one waits to claim, the higher their benefits will be.However, even though delaying benefits until age 70 allows one to collect their maximum Social Security benefit, most retirees won't wait that long.The Social Security Administration sets a baseline at one's full retirement age (FRA). This is the age at which retirees can receive their full benefit (also known as the primary insurance amount), which is based on several factors, including the number of years they worked and how much they earned throughout their career.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool