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The most important decision is when you should begin receiving retirement benefits.
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The federal program allows you to collect benefits as early as age 62.
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Nearly one in three Americans choose to begin receiving Social Security retirement benefits at age 62.
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There's a move that could boost your Social Security benefits by as much as 76%.
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Delaying Social Security retirement benefits until age 70 increases the average amount a person receives over a lifetime by 76%, according to one study.
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If you reach age 62 this year and file for Social Security, your benefits will be about 30% less than if you waited until the full retirement age of 67.
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Your benefits will increase by approximately 8% for each year you hold off on filing for Social Security between your full retirement age and age 70.
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Waiting until age 70 can significantly increase your retirement income. Patience adds a lot to your payoff.
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