When it comes to personal finance advice, delaying Social Security benefits until age 70 to lock in a higher benefit for life is a popular strategy. The main perk of waiting? It boosts your benefit by 8% each year after you reach full retirement age (67 for people born in 1960 or later) up until age 70. Who doesn't like to get a raise?
Moreover, waiting until 70 can be a smart strategy for protecting your spouse's benefits should you pass away first.
