Can't wait until 70? This is the next best age to claim Social Security benefits

Can't wait until 70? This is the next best age to claim Social Security benefits  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  VIEW IN BROWSER | SUBSCRIBE WED, AUG 21, 2019 YOUR WEALTH Editor's Note While Social Security is the biggest source of retirement income for many Americans, it has 2,728 core rules in the program and can be quite confusing to navigate. That means if you aren't prepared, any mistake made in claiming benefits could cost you big time. Financial experts urge people to wait until their full retirement age to claim benefits. Why? Because If you start benefits between age 62 and your FRA, your benefit amount will be permanently reduced up to 30%. Of course, there are instances when someone will need to claim Social Security early. But in the long run, most people are better off waiting until FRA to start receiving benefits. If you can hold off, you can get an 8% increase for every year that you wait. The amount you receive will depend on several factors, including when you begin claiming benefits and how much you earned during your time in the workforce. A lot goes into deciding when it's best to apply for Social Security, and at the top of any list should be health and retirement goals. That's why it's so important to do some advanced homework and understand how all these pieces fit together. If you don't, you could make a big mistake that will cost you a great deal of money in Social Security benefits over your lifetime. For more cool stuff like this, please follow me on Twitter @jimpavia and check out CNBC's Financial Advisor Hub and CNBC + Acorns Invest in You: Ready. Set. Grow. CNBC and Institutional Investor will hold the ninth annual Delivering Alpha conference. It's scheduled for Sept. 19 at The Pierre in New York City. This conference brings together some of the biggest names in the investment community including top institutional and sovereign funds, private equity, hedge funds and venture capital, and influential political and economic leaders. CNBC anchors and reporters will lead discussions on the critical issues facing investors in today's global economy through one-on-one interviews and panel sessions. For details, visit: www.deliveringalpha.com. Jim Pavia @JIMPAVIA --> Can't wait until 70? This is the next best age to claim Social Security benefits You've probably heard that waiting until 70 to claim retirement benefits is best. But if you cannot delay that long, there is another option that's almost as good. 6 ways to break the fear cycle and get started in investing How to break the inertia and get started investing, even when you don't know how to start. Colleges are slashing their tuition. 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