A study by Alicia Munnell, director of the Center for Retirement Research at Boston College, says that retirees should wait to claim Social Security benefits at 70. Munnell argues that Social Security should be evaluated at its replacement rate, looked at as a percentage of preretirement income given current longevity trends. According to Munnell, at age 70, Social Security benefits will replace about 50% of pre-retirement income, or 43% after factoring in Medicare premiums and taxation of benefits. Read more on Social Security planning from Ted Sarenski, CPA/PFS, in the CPA's Guide to Social Security Planning.

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