Social Security Benefits: What is the Best Age to File an SS?

THe discusses what is the best age to take social Security It never ends, mainly due to the fact that it depends on the personal situation of each person.

there Pros and Cons of Getting Social Security at Any AgeAnd you have to make the best decision yourself.

In this article, we’ll look at the three most common times people take Social Security, to help you think about the decision.

Taking Social Security at age 62

First, early retirees often claim Social Security at age 62, due to a number of reasons.

For example, those with few other sources of income may demand it as it guarantees food on the table.

The main drawback is that it reduces your check to 30 percent less than you would have if you asked for Social Security at age 67.

Taking Social Security at age 67

It is common for people entering full retirement at age 67 to claim Social Security, mainly due to the fact that more Americans are working after age 65.

The main advantage of waiting until age 67 is that your monthly benefit of $1,400 will soon grow to about $2,000, and this “wage increase” will continue for the rest of your life.

Taking Social Security at age 70

It is uncommon to wait until age 70 to claim Social Security benefits, because many retirees are unable to wait from age 62 to start receiving benefits.

However, the benefits are massive, as waiting until age 70 comes with a massive payout, with an 8 percent annual increase in benefits.

In general, there is no definitive answer about when you should claim your Social Security benefits.

It all depends on your personal situation, taking into account factors such as your health, life goals and your future retirement date.

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