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Retiring as soon as possible may seem like an attractive prospect if you’re eager to spend your days on the golf course, spoiling your grandkids, or traveling the world. But while there are some benefits to quitting work when you’re as young as possible, there are also some big advantages to waiting longer to begin your leisurely life as a retiree.
In fact, there are actually six big advantages of putting off retirement that are worth considering.
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1. You can boost your Social Security benefits
One of the single best reasons to delay retirement is to get a larger Social Security benefit.
See, for most people, retiring isn’t possible without claiming Social Security. The problem is, any time you claim benefits prior to the age of 70, you’re shrinking your checks compared to your maximum possible benefit.
Every retiree has a full retirement age (FRA) when they’ll be entitled to their standard benefit. For those who claim ahead of FRA, their standard benefit will be reduced by early filing penalties. But even waiting until you hit this milestone isn’t enough to get the largest possible monthly check. To do that, you’ll need to wait until 70 to max out …
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