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

Arguably the biggest decision retirees will make when it comes to Social Security is when to claim benefits. Due to the nuances of the program, the large majority of retirees will claim Social Security some time between 62 and 70 years of age. Of course, there are advantages and drawbacks, regardless of what age a retiree claims.Retirees who claim at 62, for example, could see their benefits shrink significantly. Meanwhile, retirees who wait until 70 maximize their monthly Social Security income but must wait eight additional years to begin collecting benefits. While it's a complex topic, statistics say this is the best age to claim benefits.Several studies have been conducted over the years to figure out the best age to claim Social Security. And keep in mind the Social Security Administration (SSA) adjusts your monthly check based on the age you claim with the intention of providing all program beneficiaries approximately the same amount in lifetime benefits, regardless of when they claim, based on average life expectancy.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool