The Best and Worst Ages to Claim Social Security - Motley Fool
Spoiler alert: there is no one best of worst age to claim, because everyone’s personal situation is different. Nevertheless, research has shown that the most popular ages at which benefits are claimed (62 and 63) are usually not the best choice for the individual. Statistically, research showed that only about 6.5% of those who claimed at age 62 or 63 made the right choice. That same research revealed that about 57% of those who claimed would have been better off by waiting until age 70 to apply for their maximum benefit. So although there is an 8 year window during which benefits can be claimed, it’s very important to evaluate your specific personal circumstances before claiming, especially since there is scant opportunity to change your choice. Don’t leave money on the table by claiming Social Security without fully examining your personal circumstances, as advised in this Motley Fool article by Katie Brockman.
Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of this program. Learn more about it here…