Is It Better to Collect Social Security at 62 or 70? A Detailed Study Provides a Clear Answer.

For the average retired worker, Social Security income isn't a luxury. It represents a financial foundation that they'd struggle to live without.As of 2023, the Center on Budget and Policy Priorities estimated that Social Security pulled 22 million people, including 16.3 million adults aged 65 and over, above the federal poverty line. A separate study of retirees by national pollster Gallup in April 2024 found that 88% of respondents relied on their payout, in some capacity, to cover their expenses.The financial well-being of retirees is, in some instances, dependent on getting as much as possible out of Social Security. But in order to maximize what they'll receive, retirees first need to understand the nuts-and-bolts of how their benefit is calculated, as well as fully comprehend how much their claiming age can shift monthly and lifetime payouts.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool