Aiming to Claim Social Security at Age 70? Here's Why Your Plan Might Backfire.

The premise sounds fantastic. Wait until you're 70 to file for Social Security retirement benefits, and you'll enjoy payments that are about one-fourth bigger than what you'd be getting by claiming at your so-called full retirement age of between 66 and 67 (depending on when you were born). That's a nice little bonus for being patient.It's not necessarily the right choice for everybody, though. In fact, in some cases, this plan could prove quite problematic.That's not simply because you'll collect benefits for fewer years than you would by filing earlier in your life; on average, your total lifetime benefits are statistically about the same no matter when you claim. No, there are three very specific ways beyond the mere math of the matter that this strategy could end up backfiring.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool