There's a simple reason why you should wait to retire

You hear retirement planners say you should wait until age 70 to start taking Social Security. The reason for that is simple; money.

Elena Sharma at STA Wealth Management says we're talking an additional eight-percent per year after age 66.

"So, let's say if your monthly benefit is around $2,000 per month if you're full retirement age; if you delay to age 70 you may be able to receive almost $11,000 more per year at age 70."

Sharma says, especially if you expect to live into your 80s, you're talking about quite a bit more money over the lifetime of the benefits. If you're still working when you begin taking social security it'll be taxed as income.

Sharma says there are exceptions, especially with couples.

"If, let's say, one spouse had a very low benefit and the other spouse had a very high benefit, it makes sense for the low income earner to start earlier while the high income earner delays and maximizes the benefit."

Sharma says, depending on how long you live and how much you earned, delaying to 70 could add up to hundreds of thousands of dollars more over the lifetime of your benefits.

 
 

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