In retirement, it’s crucial to have multiple income streams, including savings, investments, and Social Security benefits. Filing for Social Security strategically is key, as it’s the only guaranteed income for life. Claiming at full retirement age ensures full monthly benefits, while delaying until 70 increases payments by 8% annually. However, delaying carries risks, as it may not result in more lifetime income. Factors to consider include health, savings, spending needs, and personal goals. Ultimately, filing at 70 isn’t always the best choice and requires careful consideration of all options for a secure retirement.

Read more at Nasdaq: I Used to Think Claiming Social Security at 70 Was a No-Brainer. Now I Know Better.