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What Is the Best Age to Claim Your Social Security?
This depends on your personal situation. If you are married, this decision should be made with your spouse. Look at your expected longevity (family history), your other retirement accounts, and how heavily dependent will you (or your survivor) will be on your Social Security benefit. Do you need the money now or later? Life happens, and sometimes this is the case.
How large your benefits will be is based on your highest 35 years of earnings; if you don’t have 35 years, Social Security adds zeros to make 35 years. This is after all your earnings through age 59 have been adjusted for inflation. The other factors that determine the amount you will receive are how much you earn (the higher your earnings, the higher your benefit) and what age you claim your benefits. For someone with a full retirement age of 67 (born 1960 or later), if you start your benefits at 62, you will only receive 70% of your full retirement age (FRA) amount, at your FRA, you will receive 100%, and at age 70 you will receive 124%. Your Social Security benefit grows 76% from 62 to 70!
When you decide to start your Social Security benefits is a decision that will affect the rest of your life! If you are married, it will affect your surviving spouse if you have the highest benefit. Make it carefully. The following article by Sean Williams of The Motley Fool contains more information. Click here…
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