This Is the Best Age to Claim Social Security for Almost 6 in 10 Retirees
Many decisions you'll make at retirement will impact your financial situation later in life. One of the most important is when you claim Social Security retirement benefits. You can start getting your checks when you're just 62 years old, but you also have the option to wait until as late as 70 -- and the longer you wait, the higher the amount of your monthly check.
For many retirees, claiming these benefits ASAP seems to be the way to go. In fact, 62 is the most popular age by far for both men and women to start their benefits. A whopping 40% of women and 35% of men get their checks as soon they're eligible, compared with just 7% of women and 5% of men who delay until 70.
While on the surface it may make sense to get your money ASAP, especially with the buying power of benefits eroding, recent research from Capital One United Income revealed that those who don't wait could end up costing themselves a small fortune. In fact, while Capital One's research is clear that claiming at 70 isn't the right choice for everyone, it revealed that as many as 57% of retirees would build more wealth over their lifetimes by waiting as long as possible.
Source Fool.com
