I Was Once Convinced I'd Claim Social Security at 70. Now I'm Not So Sure.

It's worth noting that What's remarkable is For some reason, before I started really educating myself Social Security, I was under the impression that all seniors were eligible for benefits at 65

Maybe I thought that because 65 is when Medicare eligibility begins

Additionally, But it wasn't until I started to really read up on Social Security that I learned how filers get choices for claiming benefits, in this volatile climate

The earliest age to for Social Security is 62 (noteworthy indeed)

Nevertheless, However, you don't get your complete monthly benefit without a reduction unless you wait for full retirement age to arrive

Furthermore, Moreover, Image source: Getty Images

This analysis suggests that re's also a huge incentive to delay Social Security past full retirement age

Unfortunately, you can only enjoy that increase for so long

Once you turn 70, there's no financial reward for delaying your claim, so you might as well file for Social Security at that point, in today's market environment

Since claiming Social Security at 70 gives me an opportunity to score much larger monthly benefits, I used to be convinced that was the best time to, in today's financial world

But I've since had a change of heart for one big reason

I don't want to take the risk You might think that claiming Social Security ahead of full retirement age is a risky thing to do since it results in reduced benefits

Moreover, But I happen to think that claiming benefits at 70 is just as risky, if not more so

Meanwhile, The reason

If you delay your claim that long, you're banking on living a pretty long life to come out ahead financially (which is quite significant)

But that's unfortunately not guaranteed to happen (quite telling)

Moreover, Remember, the larger monthly payments you get by claiming Social Security at 70 are offset by having to wait several more years to get your money, in today's market environment

Additionally, You need to a decent lifespan for that to make sense financially

Put another way, filing for Social Security at 70 won't necessarily result in more lifetime income, despite leading to larger monthly benefits (something worth watching)

However, This analysis suggests that could result in your largest total payday (which is quite significant)

But without a crystal ball telling you how long you'll, there's no way to know

So I'd rather not take the chance

Furthermore, I'd also to enjoy my money sooner Another reason I'm no longer convinced that age 70 is optimal for claiming Social Security

I figure I may want to enjoy those benefits at a younger age

It's one thing to delay Social Security because you need every last dollar to pay your retirement expenses

Furthermore, And people who reach their senior years with no savings inevitably wind up in that boat

But I've been saving aggressively for retirement (this bears monitoring), given the current landscape

And my hope is that the money Social Security pays me can be used for extras -- not essentials, given the current landscape

Because of that, I think I'd rather get that money sooner rather than later, amid market uncertainty

On the other hand, Consider your options carefully All told, there's no right or wrong answer when it comes to figuring out when to claim Social Security

The data indicates that point here isn't to convince anyone not to at 70

Rather, the point is that sometimes, it pays to rethink your own assumptions and be open to different strategies, in today's market environment

For years, I thought that filing for Social Security at 70 make the most sense -- period

Furthermore, It was only more recently that I started to see the merit in claiming benefits sooner

And to be, I still haven't made a final decision on when to take benefits

However, But I'm open to different opinions

If you're not sure what to do yourself, consider the s and cons of filing for benefits at different ages and relate them to your personal situation

With any luck, you'll come to a decision that works well for you -- whether it has you claiming Social Security early, on time, or late.