Age 70 May Not Be Your Best Bet for Claiming Social Security. Here's Why.

[{"selector":"#anim-3d463a41-8bb0-47e9-9d62-ac1d52c4d116 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.24816524824982%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-4221e21c-b50a-4011-a844-30ae6a335fc4","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Consulting a Financial Advisor : Seeking advice from a financial advisor or retirement planner can help you evaluate your specific circumstances

[{"selector":"#anim-c9d2b711-46cc-49d0-9dbc-d03c76443321 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-1ca91c78-8297-4afe-bb68-a00254795ec4","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Health and Longevity : Consider your health and family history. If you have reason to believe you may have a shorter life expectancy

[{"selector":"#anim-19291b9b-840c-4d76-bb98-2c78ecd7d244 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-5dfb4c32-e865-41d2-b7de-02557f92b52a","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Immediate Financial Needs : If you have immediate financial needs or anticipate needing Social Security benefits to cover essential expenses, it may be wiser to claim benefits earlier.

Spousal Benefits: If you are married, your claiming strategy can impact your spouse's benefits.

[{"selector":"#anim-941836c2-cc46-47cb-8896-d1bd524356ff [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(29.967023786107617%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-5d557314-0b59-4a8e-962e-2bd573fc90a3","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]

[{"selector":"#anim-d066ef05-cb5a-4323-a5ab-030549b4208e [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-236c764b-35e4-488b-88c1-c4c88eca29e7","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Income and Tax Considerations : Depending on your overall income and tax situation, it may be more advantageous to claim benefits earlier or later to minimize tax liabilities.

[{"selector":"#anim-0fe83333-5222-423e-b964-fe6c5f6945c9 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.28680067153245%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-b98c47e1-59b8-4132-8c11-74818a0a1b17","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Investment and Retirement Savings : If you have significant retirement savings or investments, you may have more flexibility in when you claim benefits, allowing you to optimize your retirement income strategy.

[{"selector":"#anim-1677983d-8d92-4840-b2d5-8d956f748642 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.248136809902817%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-96fa8cc1-f0c2-4102-b250-2487aa9d1a2c","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Employment Status : If you plan to continue working in retirement, claiming Social Security benefits before your full retirement age may result in reduced benefits if your income exceeds certain thresholds.

[{"selector":"#anim-f3195d90-94ae-4d06-8bcd-ab983bb188ad [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(32.06919276540038%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-38d63f13-5279-4739-9302-21f6ec9e4428","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Inflation and Cost of Living : Consider the impact of inflation on your retirement income.

[{"selector":"#anim-e9a8c689-1c3c-45bf-bb52-5608959fc486 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-849bc4ed-8dad-4692-83c5-63d48ad144a2","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Individual Financial Goals : Your personal financial goals and objectives should drive your decision. Assess your unique financial situation and what matters most to you in retirement.

[{"selector":"#anim-bc3f8b8d-430b-41af-85db-7f54fcc6ccc2 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.319962573217424%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-0436e7b3-ec30-411b-a519-6443ed720b3b","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Consulting a Financial Advisor : Seeking advice from a financial advisor or retirement planner can help you evaluate your specific circumstances

Age 70 May Not Be Your Best Bet for Claiming Social Security. Here's Why.

Spousal Benefits: If you are married, your claiming strategy can impact your spouse's benefits.

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