3 Reasons I'll Be Taking Social Security Long Before Age 70

One of the more important decisions you have to make as you approach retirement is when to claim Social Security, because it will permanently affect how much you receive in monthly benefits.Claiming Social Security before your full retirement age (FRA) -- which is when you're eligible to receive your base monthly benefit (called the primary insurance amount) -- will result in a decreased monthly benefit. However, delaying benefits past your FRA will increase the monthly benefit.By delaying benefits until 70, you can potentially increase your monthly benefit by 24% (2/3 of 1% monthly increase; 8% annual increase). And although the thought of higher monthly benefits may seem enticing, it isn't always the best option. Personally, I plan to claim Social Security before 70 for the following three reasons.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool