Do More Social Security Retirees Claim Benefits at 62 or 70? The Answer May Surprise You.
The Social Security program, which pays out benefits to nearly 70 million Americans each month, offers eligible recipients a key choice.Specifically, retirees can choose to start claiming benefits as early as age 62 or as late as age 70. There are pros and cons with any decision, leaving many retirees wondering what the best age is to claim benefits. Well, publicly available data does show how many retirees are claiming benefits at age 62 versus age 70 -- and the answer may surprise you.First, retirees should understand the pros and cons of claiming Social Security benefits at various ages. The biggest one is that the earlier one claims, the less in benefits they'll receive. At the other end of the spectrum, the longer one waits, the larger their monthly payout becomes until it reaches a cap at age 70.Continue reading
The Social Security program, which pays out benefits to nearly 70 million Americans each month, offers eligible recipients a key choice.
Specifically, retirees can choose to start claiming benefits as early as age 62 or as late as age 70. There are pros and cons with any decision, leaving many retirees wondering what the best age is to claim benefits. Well, publicly available data does show how many retirees are claiming benefits at age 62 versus age 70 -- and the answer may surprise you.
First, retirees should understand the pros and cons of claiming Social Security benefits at various ages. The biggest one is that the earlier one claims, the less in benefits they'll receive. At the other end of the spectrum, the longer one waits, the larger their monthly payout becomes until it reaches a cap at age 70.
