How Will Rising Healthcare Costs Affect Your Retirement, Part 4

To better prepare yourself for the rising costs of healthcare in retirement, it could be a good idea to wait until age 70 to begin taking your Social Security. Since 2011, on average, people in the United States retire at age 61, according to a Gallup Poll. That’s a year before they can start collecting Social Security. If retirees choose to begin receiving Social Security benefits at age 62, they will receive 70 percent of the benefit they would have received at ‘full’ retirement age. On the other hand, if they postpone taking benefits until age 70, they’ll receive a higher monthly payment. The amount of the payment will be determined by an individual’s age and year of birth, as well as the number of months benefits were delayed.

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