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What is the best age to claim Social Security? - Nasdaq
It’s something of an age-old question but, curiously, one where the reality of when most people claim seems to conflict with the optimum age for them to do so. This Nasdaq article by Motely Fool’s Katie Brockman explains that while most people claim their Social Security benefits early - before their personal full retirement age (FRA) - waiting beyond their FRA is often the best time for them to claim, considering their life expectancy. Case in point: benefits claimed at age 70 are 76% higher than benefits claimed at age 62. Thus, if your life expectancy is at least average (about 84 for a man or 87 for a woman in their early 60s), you could be missing out on over $100,000 in lifetime benefits by claiming at age 62. Click here to read the Nasdaq article which explains whether 62 or 70 is a better age to claim Social Security.
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. All questions are answered quickly, at no charge. Learn more about it here…
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.