When to Claim Social Security: A Comprehensive Analysis
The Benefits of Social Security Claiming Age
An analysis of 20,000 retired-worker claims finds that one claiming age truly is a step above the others. For most retirees, Social Security plays an important role in building their financial foundation. An analysis from the Center on Budget and Policy Priorities finds that Social Security payouts have reduced the poverty rate for adults aged 65 and above to 10.2% from an estimated 38.7% if the program didn't exist.
Additionally, more than two decades of annual surveys from pollster Gallup have shown that as much as 90% of then-current retirees require their monthly Social Security check to cover at least some portion of their expenses.
Factors Impacting Social Security Benefits:
- Work history
- Earnings history
- Full retirement age
- Claiming age
Understanding how these factors influence benefits can help retirees make an informed decision on when to claim their Social Security check.
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.