When Should You Claim Social Security? - Yahoo! Finance
It’s the question our AMAC Foundation Social Security Advisory Service is most frequently asked – “When should I claim my Social Security benefits?” And the underlying hidden inquiry is “how can I maximize my Social Security benefit?” Truth is, there are only a few things on which the answer to those questions should be based – how badly the money is needed, and the claimant’s health and life expectancy.
Since Social Security benefits are based on your lifetime earnings, there’s not much you can do at claim time to change your earnings history. But there is another factor which greatly influences the amount your monthly benefit will be – your age when your benefits start. Fact is, the longer you wait to claim, the larger your monthly amount will be. Indeed, those who claim at age 70, instead of when benefits first become available at age 62, enjoy a monthly payment 75% higher. And that’s a sizable chunk of extra monthly retirement income, as explained in this Yahoo! Finance article by Christy Bieber.
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…