3 Awful Reasons to Take Social Security Benefits at 70

The decision to start collecting Social Security shouldn't be taken lightly. As many as 65% of beneficiaries rely on Social Security to provide the majority of their retirement income, and it's the only source of income for almost 25% of Americans 65 and older. While you can take Social Security as early as 62, doing so results in a reduction in benefits.

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On the flip side, waiting past your full retirement age (which, for those born in 1943 or later, is 66, 67, or somewhere in between) will increase your benefits by 8% for every year you hold off. Once you reach age 70, however, the incentive for delaying your benefits runs out, which is why 70 is considered the latest age to claim Social Security. And while there are plenty of good reasons


1. You think you'll get more money by waiting

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