From Yahoo Finance: 2025-04-20 09:01:00

Deciding when to claim Social Security is a crucial financial decision for retirement. Filing age determines your monthly benefit, with full retirement age at 67 for those born in 1960 or later. Delaying benefits past 67 increases them by 8% annually until age 70.

Consider your health and work situation before claiming Social Security at 70. If your job is negatively impacting your well-being, claiming earlier may be beneficial. Health issues can also impact your decision, as claiming at 70 with declining health may result in less lifetime income.

For those heavily reliant on Social Security, claiming benefits at 70 may make sense. However, if you have substantial retirement savings, claiming earlier could allow you to enjoy life more. Evaluate your financial situation to determine the best age to claim and maximize your benefits.

It’s crucial to assess your retirement savings and potential Social Security benefits to make an informed decision about when to claim. Understanding the implications of claiming early or at 70 can significantly impact your financial security in retirement. Consider all factors before making a decision.

Read more: Planning to Claim Social Security at 70? 3 Reasons to Change Your Mind.