Discover the Ideal Age to Start Receiving Social Security Benefits

Introduction

Here's how your choices stack up to the average retiree. Social Security is integral for millions of older adults. Roughly 60% of current retirees say their benefits are a major source of income, according to a 2023 poll from Gallup, and around 90% of adults rely on Social Security to some degree in retirement.

The Most Popular Age to Take Social Security

Before you decide on an age to file for benefits, it's important to know exactly how that choice will affect your payments. The age you claim will have a major impact on your benefit amount, potentially affecting your checks by hundreds of dollars per month. The first number you'll need to know is your full retirement age (FRA), which is the age at which you'll receive 100% of the benefit you're entitled to based on your work history.

Average Benefit Amount by Age

Age affects the average benefit amount significantly. According to the Social Security Administration's data, the average retired worker's monthly benefit varies based on age, with men collecting around $300 to $400 more per month on average than women. Understanding how age influences benefit amounts can help guide your decision on when to start taking Social Security.

Best Time to Claim Benefits

If your goal is to maximize monthly income, delaying until age 70 can be advantageous. However, factors like early retirement aspirations, health concerns, and individual circumstances play a pivotal role in determining the ideal age to file. Making an informed decision based on your financial situation and personal preferences is key to securing a comfortable retirement.