More and more Boomers are putting off getting Social Security until age 70, realizing how greatly the benefits increase at that age.
People can claim Social Security payments beginning at age 62, but full payments don’t begin until age 66, and there’s an increase in those benefits if a claimant waits until age 70.
According to figures released by the federal General Accounting Office, the number of people beginning to claim benefits before age 70 has dropped to a 35-year low. Twenty-seven percent of eligible claimants started taking benefits before age 70, and that’s down from 31 percent in 2009.
Experts said the trend will have a positive effect on the financial health of the Social Security system.
Waiting until age 70 carries a substantial reward: For every year that a person postpones benefits , the monthly payment rises about 8 percent.
