Is It Better to Take Social Security at 62, 67, or 70? An All-Encompassing Study Offers a Clear Answer.
For most retirees, Social Security plays an important role in building their financial foundation. An analysis from the Center on Budget and Policy Priorities finds that Social Security payouts have reduced the poverty rate for adults aged 65 and above to 10.2% from an estimated 38.7% if the program didn't exist.
Additionally, more than two decades of annual surveys from pollster Gallup have shown that as much as 90% of then-current retirees require their monthly Social Security check to cover at least some portion of their expenses.
For some future retirees, maximizing their Social Security benefit won't be a luxury -- it'll be a necessity. But in order to get as much as possible out of Social Security, you'll first need to understand the ins and outs of how benefits are calculated, and come to terms with how important your claiming age can be. This can make all the difference in deciding whether it's better to take Social Security at age 62 (an early claim), age 67 (a middle-ground claim), or age 70 (a later claim).
Source Fool.com
