The Best Time to Claim Your Social Security Benefits

Sunday, 24 March 2024, 06:39

Deciding when to start collecting Social Security benefits is a crucial financial decision. Starting early means smaller checks but more in total, while starting later results in larger checks but fewer payments. Factors like your health, financial status, and life expectancy should be considered to make the best choice. Learn why the timing of your claim can impact your retirement income significantly.
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The Best Time to Claim Your Social Security Benefits

Start Collecting at:

  • Full retirement age of 66
  • Full retirement age of 67

Clearly, timing can make a big difference.

If your benefits at your full retirement age of 67 would be, say, $2,000, you'd receive $1,400 if you started at 62 or $2,480 if you started at 70. In annual terms, those figures become $24,000, $16,800, and $29,760.

Why take Social Security long before age 70

So -- why might you claim your benefits early, such as at age 62 or 63? The best reason is simply because you have to. Starting Social Security early may also permit your retirement accounts to grow more.

Why wait until age 70 to claim Social Security benefits

There are sensible reasons to delay claiming your benefits, such as maximizing your benefit and coordinating with your spouse. There's no one-size-fits-all age at which to claim your Social Security benefits, so think through your decision carefully.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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