Statistics Say This Is the Best Age to Claim Social Security
Choosing the right age to claim Social Security benefits is crucial for maximizing your lifetime income.
While you can start claiming as early as age 62, statistics show that waiting until full retirement age (FRA)—typically 66 or 67, depending on your birth year—offers significant financial advantages.
At FRA, you receive 100% of your entitled benefits, compared to a reduction of up to 30% if you claim earlier.
For those who delay until age 70, the benefits increase by 8% annually due to delayed retirement credits.
This strategy can result in 76% more monthly income compared to claiming at 62. However, personal factors like health, financial needs, and life expectancy should influence your decision.
Studies reveal that most retirees benefit financially by waiting until at least FRA to claim Social Security.
If you’re healthy and can afford to delay, age 70 is statistically the best time to maximize benefits, ensuring greater financial security in your golden years.