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Social Security Claiming Age: Weighing 62 Versus 70
The simple numbers say waiting as long as possible makes sense, but there's more to the story that can -- and should -- complicate the decision.
What's the ideal age for claiming Social Security retirement benefits? It depends on who you ask. The earlier you start, the smaller your checks. But, you'll collect these payments for more time. That's the trade-off.
But what exactly are your options, and how much of a difference can claiming later rather than earlier make? The answer might surprise you.
To be a government-run program, Social Security offers taxpayers a respectably wide range of payment options. Eligible individuals can claim as early as the age of 62, but can also wait until they turn 70. Or, they can file at any point in time in between. Each of these choices, however, results in a different monthly payment.
