When you should file for Social Security benefits

Waiting to claim Social Security benefits can significantly boost your guaranteed lifetime income in retirement.

If you wait until you’re 70 years old to claim Social Security, you can raise your monthly benefit check by up to 76 percent, according to research by David Laster, Bank of America Merrill Lynch’s head of retirement strategies, and Anil Suri, the firm’s head of portfolio construction and investment analytics. That wait can reduce the risk of outliving your money in retirement and, for many, increases expected lifetime benefits.

Source: CNBC