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Social Security: Is waiting to claim benefits at age 70 a good or bad idea?

Millions of Americans every year struggle to decide which age they want to choose to retire and collect Social Security benefits.

social security card with cash representing benefits

The more years you delay collecting your benefits, the larger they will be in the long run.

The earliest you can see benefits is age 62, but after your full retirement age at 66-67 they increase.


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Why you would want to wait until closer to 70 to claim Social Security

Those who put off collecting benefits can see a bigger benefit when they finally do collect.

Waiting between FRA and 70 allows you to collect delayed retirement credits.

The credits stop at age 70, so you can no longer save them.

If you can make it to your mid-80s you will see a larger lifetime credit.


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Why you wouldn’t want to wait until closer to 70 to claim Social Security

If you put off collecting benefits until 70, you’ll still need to pay for everything yourself.

You also may lose benefits entirely if you die unexpectedly early.

If your spouse needs benefits, they can’t collect them until you choose to.

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