The Unfortunate Truth About Claiming Social Security at Age 70

Most personal finance and retirement experts recommend waiting until age 70 to claim Social Security benefits. The main reason for this rule of thumb is that the average person will maximize their lifetime benefits by delaying Social Security. It also comes with some additional tax planning benefits for wealthier households.

But there are still some downsides to waiting until you’re 60 to start collecting Social Security. These unfortunate truths shed light on some of the realities that ordinary American retirees may face in their claims decision.

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