As a woman approaches her late 60s, the question of when to claim Social Security becomes increasingly urgent.
For a 67-year-old woman whose family has a history of longevity, the decision between claiming benefits now or waiting until age 70 deserves careful consideration.
Experts offer differing viewpoints on the optimal claiming age. Some financial advisors suggest claiming at full retirement age, which varies depending on birth year but typically falls between 66 and 67 for people currently in their late 60s.
Claiming Social Security early at age 62 results in permanently reduced benefits, while delaying benefits past full retirement age increases the monthly payment amount. Those who delay until age 70 receive the maximum benefit.
For individuals with family histories of longevity, waiting until 70 can result in higher lifetime benefits. However, other factors should be weighed, including current health, financial needs and life expectancy.
