The Unfortunate Truth About Claiming Social Security at Age 70 | The Motley Fool

Contributing sentiments towards policy:

62% : While Social Security is designed to pay out an equal amount in lifetime benefits for the average person, regardless of when they claim, you probably don't fit the average.
62% : One from United Income in 2019, for example, estimates 57% of retirees would maximize their wealth by waiting until 70 to claim Social Security benefits.
60% : Most personal finance experts recommend waiting as long as necessary to claim Social Security in order to qualify for the largest possible benefit.
58% : Most retirees automatically enroll in the program, since they're already collecting Social Security at age 65.
57% : What's more, you'll be responsible for paying Medicare premiums out of your own budget.
56% : While 70 is, statistically speaking, the optimal age to claim for the majority of retirees, it doesn't mean there are no downsides to waiting that long before taking Social Security.
56% : Social Security doesn't max out at age 70 for everyone.
56% : If you plan appropriately, waiting until 70 to claim Social Security can work out well, but you need to understand the downsides before you decide it's for you.
53% : You become eligible for Medicare upon turning 65.
43% : If you aren't budgeting for Medicare premiums, you may be in for an unpleasant surprise when the bill comes due.
40% : Here's the unfortunate truth about claiming Social Security at age 70.

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