10 Good Reasons to File for Social Security at Age 70

When it comes to claiming Social Security, you have choices. You can sign up for benefits at age 62 or delay your filing all the way until age 70. Many seniors don't go the latter route because they don't want to wait that long to get their money, or they can't afford to. But here's why it pays for you to sign up for Social Security at 70.

The $17,166 Social Security bonus most retirees completely overlook
If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $17,166 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Simply click here to discover how to learn more about these strategies.

You're entitled to your full monthly Social Security benefit based on your earnings history upon reaching full retirement age, or FRA. It's 67 for anyone born in 1960 or later. But for each year you hold off on filing past FRA, your monthly benefit grows 8%. Delay until age 70, and you'll snag a 24% boost to your Social Security income.

ALSO READ: The 3 Easiest Ways to Increase Social Security Benefits

Not giving yourself access to Social Security until age 70 could prompt you to work longer. And that means you may have an opportunity to sock more money away for your senior years. Plus, there's data showing that working longer can be good for you and lead to a longer life.

If you're very healthy as retirement nears, there's a good chance you'll live a long life. And in that case, it pays to delay your Social Security claim as long as possible to score the highest possible lifetime benefit on top of a higher monthly benefit.

Many seniors are shocked to realize how expensive healthcare is under Medicare. The more money you get out of Social Security, the easier it'll be to cover those costs.

ALSO READ: The Smart Way to Approach Social Security

Many people kick off retirement with a nice amount of money in an IRA or 401(k) plan. But there's no telling how your investments in your savings plan will perform, and how much income you'll manage to get out of your savings as a result. The great thing about claiming Social Security at age 70 is that you're guaranteed a higher benefit for life, so if your savings end up falling short, your boosted benefit can pick up the slack.

The $17,166 Social Security bonus most retirees completely overlook
If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $17,166 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Simply click here to discover how to learn more about these strategies.

Once you pass away, your spouse will be entitled to a survivors benefit that's equal to the amount of money you collected in Social Security. If you boost your monthly benefit by waiting until age 70 to claim it, you'll leave your spouse with a higher income stream.

Some people manage to save nicely for retirement, while others struggle to fund their IRAs or 401(k)s. If you're in the latter camp, then filing for Social Security at age 70 and boosting your benefit could help compensate for a nest egg that's lacking in funds.

ALSO READ: Can Social Security Save Your Retirement When Your Nest Egg Falls Short?

Many seniors end up needing some type of long-term care, and the costs at hand can be brutal. A higher Social Security benefit could make that expense easier to bear.

It's hard to travel when you work full-time; therefore, the great thing about being retired is having an open schedule that allows for more trips. But traveling can cost a lot, so if you delay your Social Security filing until age 70, you'll have more money to pay for it.

Many people are forced to file for Social Security before the age of 70, whether due to job loss or health issues keeping them out of the workforce. But if you don't need your benefits sooner, then you might as well wait until age 70 to claim them. Even if you don't have a specific need for a higher benefit, collecting more money for life certainly wouldn't hurt.

The $17,166 Social Security bonus most retirees completely overlook
If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $17,166 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Simply click here to discover how to learn more about these strategies.

Many seniors claim Social Security well ahead of their 70th birthdays. But waiting until age 70 could really work to your benefit, so it pays to consider holding off on filing as long as possible.

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