Retiring at 70 could mean more Social Security benefits

Retiring at 70 is probably an unsettling idea for many, but new data by the National Retirement Risk Index shows that most individuals who retire at age 65 are taking a large financial risk.

However, 86 percent of working Americans who wait until age 70 to retire are better prepared to care for themselves financially. About 21 million retired workers rely on Social Security benefits as their main form of income, and the earlier you receive benefits the less you are likely to get in the long run.

Someone who takes Social Security at 70 could have a 75 percent larger benefit base than if the same person took retirement benefits at 62. Many factors determine your monthly Social Security benefits, such as health history and marriage, and waiting does not always mean more money.

If you are about to retire and want to learn more about your Social Security options, contact the Hankey Law Office, P.C. by calling (317) 634-8565.