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Is It Better to Start Social Security at Age 62 or 70? Statistics Give a Clear Answer.


Choosing an age to claim Social Security is an important financial decision with lifelong consequences. Retired workers are eligible for benefits at age 62, but delaying Social Security increases the payout by a predetermined percentage each month through age 70.

Put differently, retired workers who start Social Security at age 62 maximize the number of payments, but they are penalized with the most severe benefit reduction. Retirees who start Social Security at age 70 are rewarded with the most robust benefit increase, but they receive the minimum number of payments.

The stakes are particularly high because Social Security is often the largest source of income in retirement. Of course, the best age to start benefits varies based on individual circumstances. But if maximizing lifetime benefit income is the goal, statistics give a clear answer regarding the best age to claim Social Security.

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Source Fool.com

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