Claiming Social Security at 70? Here's Why That's Not Automatically a Smart Move.

When it comes to planning your retirement, there are certain tough choices you might have to make, like deciding which account to withdraw from first and how to manage taxes. You'll also need to figure out when to claim Social Security. And that's probably a more loaded decision than you think it is.

Once you turn 62, you can sign up for Social Security at any time. The monthly benefit you're eligible for in retirement is based on your personal wage history. And it's available to you without a reduction at full retirement age, which is 67 if you were born in 1960 or later.

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