An Important Question: When to Claim Social Security? - Investopedia
About 25 million American’s are between age 55 and 62, meaning that most in that age group are contemplating a very important decision they will soon need to make. As they approach Social Security’s “early eligibility age” (age 62), most Americans naturally wonder when is the best time to claim that Social Security benefit they have earned from a lifetime of working. Well, judging by the statistics, many simply claim SS as soon as they can (at age 62), but that is not always the best choice. Claiming at age 62 means a monthly SS benefit amount 30% less than it might otherwise be at age 67. Further, claiming the maximum SS benefit at age 70 will mean a monthly check about 76% higher than a benefit claimed at age 62. These are not insignificant amounts of money, which is likely why fewer people today are choosing to claim SS as soon as they are eligible.
Of course, there are some good reasons to claim Social Security early, but the best course of action is to fully evaluate how Social Security fits into your individual and personal circumstances before making that often irrevocable decision. All of this is explained by Elizabeth Guevara in this Investopedia article.
Social Security is a complex topic. If you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security or enrollment in Medicare, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of these programs. All questions are answered quickly, at no charge. Learn more about it here…