When seniors think about filing for Social Security at 70, increased monthly benefits spring to mind. However, this is not the only advantage that it may have for those who file later than usual.
Apart from that, you will provide your family with higher survivor benefits. This will be a relief for many seniors who have poor health and worry about leaving their families in a stable financial situation. This is particularly important when you have a spouse and dependent children.
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FILING FOR SOCIAL SECURITY AT 70 PROTECT YOU FROM INFLATION
Inflation and soaring prices are making it difficult to get by for many retirees in the United States. While some think they have enough money when they file, some forget about the increasing cost of living which leaves them with empty pockets.
Therefore, filing for Social Security at 70 is a protection against inflation. Since you will start collecting more money at 70, your future COLA boosts will also be more meaningful.
If you expect to live for about 20 years after retirement, you will have enough time to enjoy retirement and have a longer benefit period. But there are still more advantages.
FILING FOR SOCIAL SECURITY AT 70 CAN GIVE YOU A REWARD
The Social Security Administration will give you about 24% extra per month if you file for retirement benefits at 70. It will definitely make a difference since early retirement reduces your payment by 30%.
What is more, working until you are 70 will prevent you from spending your retirement savings and you will have more time to have a larger nest egg. But what about taxes?
If you file early and continue working, you may have to pay taxes if you exceed the threshold. So delaying retirement could be another way to save money on taxes. Anyway, it is a personal decision and no one should tell you what to do, but reflecting on all the different possibility will help you make better choices.