Here's How to Squeeze an Extra 24% Out of Social Security
Nearly all American workers are eligible for Social Security benefits, and people can choose to start collecting their monthly checks at any time between the ages of 62 and 70. Full retirement age is currently set at 67 years old for workers born in 1960 or later, and as the phrase implies, this is the claiming age at which you'll collect your full Social Security benefit as calculated from your work history.
Having said that, not many people are willing to wait. Nearly 90% of eligible Americans claim Social Security at or before their full retirement age, with about a third of beneficiaries claiming at age 62, as early as possible. Only 6% of women and 4% of men waited until age 70 to start collecting benefits in 2018. But if you are one of the few who can hold out and start claiming later, it could have a significant impact on your financial life after retirement.
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Source Fool.com
