Is It Better to Collect Social Security at 62 or 70? This Magic Number Could Help You Decide.
As you approach retirement, one of the more pressing decisions you must make is when you plan to claim Social Security benefits. It's a decision that shouldn't be taken lightly because it permanently affects the value of your monthly Social Security benefits.
Two popular ages for claiming Social Security are 62 and 70 because those are the earliest and latest ages most people will take benefits. The good news is you have options. The not so good news is this decision isn't always straightforward. Luckily, there's a magic number that can help you decide: your break-even age.
Your monthly Social Security benefit changes based on when you claim Social Security and your full retirement age (FRA). This is the age at which you qualify for your primary insurance amount (PIA), or full benefit.
Source Fool.com
