Social Security

When should you sign up to receive your social security benefit? You can sign up to receive social security benefits as early as age 62. Your payment increases every month you wait up until age 70, and then then there is no benefit to any further delay. Those born between 1943 and 1954 can get 8% more each year they wait from age 66 to age 70 for a maximum social security benefit of 132% of their full retirement benefit. How many people delay until age 70? According to the Center for Retirement Research at Boston College, only 4 percent of women and 2 percent of men wait until age 70. I believe you should wait and collect the maximum benefit if you are in reasonably good health and don't need the extra money for living expenses.