Here's Why I Plan to Apply for Social Security at 1 of the Least Popular Claiming Ages
If you've ever looked into when you should claim Social Security, you've probably come across a lot of conflicting information. Nearly a quarter of all seniors sign up at 62 -- the earliest possible claiming age -- but others say that's a bad idea, because doing so shrinks your checks by up to 30% for the rest of your life.I lean more toward the latter camp. I hope to maximize my lifetime Social Security benefit by claiming at one of the program's least popular claiming ages: 70. That said, it's definitely not the best choice for everyone. You need to weigh the advantages against the drawbacks to decide if it's the right move for you.Image source: Getty Images.Continue reading
If you've ever looked into when you should claim Social Security, you've probably come across a lot of conflicting information. Nearly a quarter of all seniors sign up at 62 -- the earliest possible claiming age -- but others say that's a bad idea, because doing so shrinks your checks by up to 30% for the rest of your life.
I lean more toward the latter camp. I hope to maximize my lifetime Social Security benefit by claiming at one of the program's least popular claiming ages: 70. That said, it's definitely not the best choice for everyone. You need to weigh the advantages against the drawbacks to decide if it's the right move for you.
Image source: Getty Images.
