Choosing when to claim Social Security benefits—at 62, 67, or 70—depends on your finances, health, and retirement priorities, with each age offering different monthly payment amounts and benefits.
Choosing the Best Age to Claim Social Security – Factors to Consider for Maximum Benefits
According to The Motley Fool, starting Social Security at age 62 gives you lower monthly payments of $1,298, while waiting until 70 increases them to $2,037, highlighting the importance of choosing the right time to claim benefits for better retirement income.
To decide the best age to start your Social Security benefits, think about your finances, health, and retirement goals. If you don’t have much in savings and will rely a lot on Social Security, waiting until age 70 could be a good idea because it gives you larger monthly payments. But if you have a good amount of savings and are healthy, starting at age 62 could let you retire sooner, even though the payments will be smaller.
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$1,298 vs $2,037: When to Claim Your Social Security Benefits for Maximum Retirement Income (PHOTO: La Grada)
Deciding the Best Age to Claim Social Security: 62, 67, or 70?
Your choice depends on your situation and what’s most important to you. If retiring early is your main goal, age 62 might be the best option. But if getting the highest monthly payments is more important, waiting until age 70 might be better. For a balance between the two, claiming benefits at age 67 offers higher payments than starting at 62 without the long wait until 70.
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