Statistics Say: This Is the Best Age to Claim Social Security

If you're nearing retirement, you may be asking yourself the same question millions of Americans have asked themselves: when should I begin claiming my Social Security benefits? The unfortunate truth is that the vast majority of claimants make the wrong decision, impacting their financial security late in life when it matters most.It's true that retirement planning is highly personal and one-size-fits-all prescriptions are rarely useful, but according to a study conducted by a non-partisan economic research organization, almost all Americans would be best served by waiting until age 70 to collect Social Security benefits. Despite this finding, less than 10% of beneficiaries do so. Full retirement age (FRA) -- also called normal retirement age (NRA) -- is 67 for those born in 1960 or later and 66 for those born before 1955. If you were born from 1955 through 1959, your FRA is between 66 and 67. You can see a full chart here. If you choose to wait until your FRA to begin collecting, you will receive 100% of your primary insurance amount (PIA), the Social Security benefit you are entitled to based on your lifetime earnings.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool