Waiting until age 70 to file for Social Security retirement benefits can be an effective way to reduce the risk that you’ll run out of money in your later years. But in some instances, filing for benefits at your full retirement age (FRA) or even earlier could provide the additional financial security you and your family need now. You can file as early as 62, but your payments will be reduced because you aren't typically entitled to 100% of your benefit until age 67.
In some cases, you may not be able to wait until full retirement age (FRA) — let alone until age 70 — to file for benefits. Although 68% of workers expect to retire at age 65 or older, in reality, only 31% of retirees managed to work that long, according to research by J.P. Morgan Asset Management.
