Option 2: Wait until you’re 70 years old and then claim Social Security Benefits
In theory, you could begin drawing those Social Security retirement benefits at 62 years old. However, you might reduce the entire benefit amount. If you want to avoid this bad scenario by waiting until you reach your full retirement age and take full benefits, you’re on the right track.
The full retirement age is 66 or 67 for most people, but it also depends on when you were born. However, luckily, unluckily, take it as you like, there’s another option: You can delay those benefits until you’re 70 years old. By doing that, you will get a Social Security bonus and a higher benefit amount.
It’s worth noting that the bonus is roughly 8% higher for every single year you decide to delay your benefits. Waiting until you’re 70 years old to claim Social Security might result in a bigger check, but you’ll have to consider if it’s a realistic move for you.
Why? Well, if you want to work until you reach 70 or even beyond, it might be unnecessary to access your 401(k), IRA, or any other assets that might cover your expenses. However, if you plan to retire at 65, you’ll have that five-year gap that you’ll be forced to fill somehow.
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