Studies Say When to Claim Social Security -- But You May Not Want to Listen to Them
If you want to maximize the chances you'll receive the most lifetime Social Security income, studies provide the answer on when you should claim benefits.
The optimum claiming age for most people is 70, according to a study called The Retirement Solution Hiding in Plain Sight. This study revealed that 57% of retirees would have more lifetime wealth as a result of a delayed claim, even though just 4% of seniors actually start their benefits at 70 right now. The fact that so many people make the suboptimal choice and claim benefits early actually costs retirees as a whole about $3.4 trillion in potential income they could have had if they waited.
These numbers are pretty compelling, but they should not actually convince you to claim Social Security at 70 in every situation. Here's why.
Source Fool.com
