It may be hard to believe that you’re turning 70, but if that’s the age you’ll be reaching this year, it’s something to celebrate. That said, turning 70 means you’ll have some financial matters to address, so here’s what you need to know.
You’re entitled to collect your full monthly Social Security benefit, based on your personal earnings history, once you reach full retirement age, or FRA. FRA falls between 66 and 67, depending on year of birth. However, the Social Security Administration (SSA) rewards seniors who delay their filings past FRA. For each year you do, your benefits get boosted by 8%, and that increase then remains in effect for the rest of your life.