The debate over what the best age is to take Social Security is never-ending, primarily due to the fact that it depends on the personal situation of each person.
There are pros and cons for taking Social Security at any age, and you have to take the best decision for yourself.
In this article, we will look at the three most common times that people take Social Security, to help you as you consider the decision.
Taking Social Security at age 62
Firstly, early retirees often claim Social Security at the age of 62, and this is due to a number of reasons.
For example, those who have few other sources of income may claim it as it guarantees food on the table.
The main disadvantage is that it reduces your check to 30 percent less than you would receive if you claimed Social Security at age 67.
Taking Social Security at age 67
It is common for people entering full retirement at the age of 67 to claim Social Security, mainly due to the fact that more Americans are working beyond age 65.
The main advantage of waiting until age 67 is that a 1,400 dollar monthly benefit will soon grow to about 2,000 dollars, and this “pay raise” will last for the rest of your life.
Taking Social Security at age 70
It is less common to wait until age 70 to claim for Social Security Benefits, primarily because many retirees are unable to wait from age 62 to start receiving benefits.
However, the benefits are enormous, as waiting until age 70 comes with an enormous payout, with an 8 percent annual rise in benefits.
Overall, there is no definitive answer as to when you should claim your Social Security benefits.
It all depends on your personal situation, taking into account factors such as your health, your life goals and your future retirement date.