What Is the Best Age to Start Taking Social Security?
How your age affects your benefits
Understanding how your age impacts your Social Security benefits is crucial for maximizing your monthly payments. Filing early can result in reduced benefits, while delaying till age 70 can lead to increased benefits up to 24% or more.
The worst (and best) ages to claim Social Security
A comprehensive study by United Income revealed that claiming before age 64 was optimal for only 6.5% of retirees. Research suggests that ages 62 and 63 might be the least ideal for maximizing lifetime income.
When claiming early is worth it
Considerations like health, life expectancy, and financial situation play a crucial role in determining the right age to claim Social Security benefits. While delaying benefits can be financially beneficial, personal goals and preferences should also be taken into account in the decision-making process.
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.