In today’s article we will discuss one of the most important topics that what is the best age to claim Social Security benefits once you reach your full retirement age. When it comes to claiming Social Security retirement benefits, after people reach their full retirement age i.e. 62 most of them are always unsure whether to apply for the same or to wait for few more years to get more money. So, in this article I will try to clear different doubts come to your mind when you reach your full retirement age and thinking claiming the Social Security benefits or otherwise.
What is the best age to claim Social Security Benefits?
The most important question comes to retirees’ mind when they reach their full retirement age is that whether 62, 66, 67 or 70 is the best age to apply for Social Security benefits. And the answer to this question is that if you take Social Security at 62 you are only going to get 70% of your full retirement benefit, because you are not entitled to get 100% of your Social Security benefits until age 67. While if you claim your Social Security benefits at 66 or 67 you are likely to get 100% of your retirement benefits. However, if you could wait till 70 years your Social Security benefits would be much higher and you will get whooping 124% of your full Social Security benefits.
Is age 62 or 67 the best to claim Social Security Benefits?
To elaborate it further I am going to specifically compare the difference between ages 62 and 67. It is added here that at 62 you are eligible to claim your Social Security benefits, but as we discussed earlier that at age 62 you only get reduced monthly benefits. Though claiming your Social Security benefits at 62 may provide immediate financial relief but it could lead to reduced benefits. While on the other hand, waiting until 67 will not only result in better overall benefits but will also increase your monthly Social Security benefits.
Before making any decision regarding claiming Social Security benefits or retirement, you should carefully assess your personal circumstances, considering different factors such as your financial position, health and your personal/family needs.
How to find out how much will be your Social Security Benefits?
The most important question you might be thinking could be that how and where to check your Social Security benefits. And to find out about what your Social Security benefit once you reach your full retirement age, the easiest way is by creating an account at ssa.gov. Then you can easily find out how much money you are going to get at your retirement. That is the first step in knowing when should you claim your Social Security benefits. At ss.gov. the official website of Social Security Administration you can find out what your Social Security benefit will be at 62, 67 and at 70.
What if you are married or unmarried?
If you are married, you will be able to make a decision based on your spouse’s age, your age. Even if you are single, you will be able to look at all the different factors and make a decision that is best for you and your family’s needs. Before making any decision, you should carefully consider all pros and cons before claiming Social Security benefits as it would be your most important decision of your life. Moreover, before claiming benefits you should also think about your current financial position and health condition.
Retirement Strategy
Now I am going to tell you the retirement plan/strategy and the thought process of an individual who went through the process of deciding about claiming Social Security benefits. He carefully thought about claiming Social Security at age 62. He also considered all options of claiming retirement and his retirement assets. The monthly Social Security benefit for this individual at age 62 was $1,247.
He carefully considered all the factors including his expenses, inflation, total benefits and his health condition. He had $15,000 in different expenses per year, therefore, claiming Social Security at age 62 with just $1,247 per month was not enough with only retirement benefits. Moreover, his monthly expenses were not fixed and with increasing inflation, the situation would have been worst for him. As monthly retirement income at age 62 was not enough to meet his monthly expenses and being only sole provider of the family, he decided against claiming Social Security at 62. Moreover, he was in good health and could easily work for few more years, so he decided to continue working until age 70 to get maximum Social Security benefits.
So, what we have learned from this individual’s story is that when deciding about claiming Social Security benefits, you should engage in a thoughtful and strategic planning process, keeping in view your personal circumstances. Firstly, keep in mind different factors such as age, marital status and work history. Additionally, evaluating health and life expectancy is also equally important. Before claiming your Social Security benefits, you should consult reputable financial advisors and staying informed about changes in Social Security regulations, which can contribute to well-informed decision-making process. Secondly, if you are in good health condition, delaying claiming Social Security benefits till age 70 would be better as by then you will get maximum benefits. However, if you have some other sources of income, you should claim your Social Security benefits as soon as you could.
So, always carefully consider all above factors and should have a good strategy before claiming your Social Security benefits, as this decision is going to impact your/family’s future. Thank you so much for reading my article and I hope this was informational for you and solved all your questions about what is the best age to claim your Social Security benefits. However, if you have any future questions, you can leave your questions in the comment box and I will respond as soon as I could, please.
Conclusion
Deciding when to claim Social Security benefits is your personal choice, but you should keep in mind the different factors that will later impact your decision. If you claim Social Security benefits at age 62 you will get reduced benefits, while waiting until 67 will get more benefits. But if you could wait until 70 you will get maximum Social Security benefits. But the optimal age to claim your Social Security benefits specifically depends on your financial position and health condition. Before making any decision about claiming your Social Security benefits, you should always carefully consider all the factors with regard to your personal circumstances.
FAQs
Q. What is the earliest age to claim Social Security Benefits?
A. You must be at least 62 years old to claim Social Security benefits.
Q. How much Social Security Benefits will you get if claim at age 62?
A. If you decide claiming Social Security benefits at age 62 you will not get full retirement benefits and these will be reduced to 70%.
Q. At what age do you get 100% of your Social Security Benefits?
A. The full retirement benefits are payable at age 67.
Q. At what age do you get maximum Social Security Benefits?
A. You can get maximum Social Security benefits at age 70.