Claiming Social Security at age 70 offers larger monthly benefits due to an 8% increase for each year delayed past full retirement age (67 for those born in 1960 or later). While this strategy suits individuals with limited savings, it may not be advisable for those in poor health, as it doesnât guarantee greater lifetime benefits. Early claiming, which starts at 62, might be more favorable for those whose life expectancy is uncertain due to health issues.
Claiming Social Security at 70 gives you a larger monthly benefit, but it may not result in a larger lifetime benefit, especially for those in poor health.
Delaying Social Security until age 70 gives an 8% increase in monthly benefits, yet if someone is in poor health, earlier filing may be wiser.
Many seniors opt to file for Social Security at 62, but the benefits of waiting until 70 can lead to a more financially secure monthly income.
If your health isn't good, claiming benefits early might be better, as longer waiting doesnât guarantee greater lifetime payouts.
#social-security #retirement-planning #financial-advice #health-impact-on-benefits #age-considerations
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