Social Security: Why Patience Doesn't Always Pay Off

Social Security: Why Patience Doesn't Always Pay Off

You're entitled to your full monthly Social Security benefit based on your personal wage history once you arrive at your full retirement age (FRA). Now once you turn 70, you can't grow your Social Security benefits any more. If you don't have a lot of money in retirement savings, then you may be motivated to delay your Social Security filing so you can grow your benefits on a monthly basis.