If you wait until age 70 to start Social Security benefits, you'll give up current income but get larger checks later. Survivor benefits is one advantage. It could take 20 years to make up for the money you lose by not taking benefits sooner. A 70-year-old retiree might not live past 90 but there's a much better chance that his 65-year-old spouse will survive him and outlive age 85, perhaps by 10 or more 20 years.
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