Statistics Say: This Is the Best Age to Claim Social Security
Workers who qualify for Social Security retirement benefits can choose to apply at any point between the ages of 62 and 70. For those born in 1960 or later, full retirement age for Social Security purposes is 67 years old, and this is the age at which you can get your full Social Security benefit.If you choose to claim Social Security before full retirement age, your benefit can be permanently reduced. Claiming at 62 when your full retirement age is 67 can result in a 30% reduction. However, although your monthly checks will be lower, you'll end up receiving payments for a greater number of years.On the other hand, waiting until after your full retirement age will result in a permanently increased retirement benefit. Waiting until 70 can result in 24% more Social Security income, but the trade-off is that you'll receive benefits for fewer years. So, what is the best age to claim Social Security?Continue reading
Workers who qualify for Social Security retirement benefits can choose to apply at any point between the ages of 62 and 70. For those born in 1960 or later, full retirement age for Social Security purposes is 67 years old, and this is the age at which you can get your full Social Security benefit.
If you choose to claim Social Security before full retirement age, your benefit can be permanently reduced. Claiming at 62 when your full retirement age is 67 can result in a 30% reduction. However, although your monthly checks will be lower, you'll end up receiving payments for a greater number of years.
On the other hand, waiting until after your full retirement age will result in a permanently increased retirement benefit. Waiting until 70 can result in 24% more Social Security income, but the trade-off is that you'll receive benefits for fewer years. So, what is the best age to claim Social Security?
