Maximizing Lifetime Income: The Ideal Age to Claim Social Security Revealed
Saturday, 16 March 2024, 10:30
The Impact of Social Security Benefits
Social Security benefits play a crucial role in the retirement finances of millions of U.S. seniors.
Maximizing Monthly Payments
The age at which you claim benefits significantly impacts the size of your monthly checks.
Research Findings
- Popular Choice: Roughly 70% of retirees claim benefits early.
- Optimal Age: Only 6.5% maximize lifetime income by claiming at 62 or 63.
- Lucrative Decision: Waiting until 70 results in additional earnings.
While claiming at 70 is financially optimal, individual circumstances may influence the decision.
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.