Is It Better to Collect Social Security at 62, 66, or 70? An Extensive Analysis Offers a Very Big Clue.
One claiming age within the traditional initial collection range of 62 through 70 offers retired workers the highest probability of maximizing their lifetime income from Social Security.
For most Americans, Social Security income helps forge their financial foundation. The Center for Budget and Policy Priorities estimates 16.3 million adults aged 65 and over were pulled above the federal poverty line in 2023 because of their monthly Social Security check. Meanwhile, between 80% and 90% of annually surveyed retirees by Gallup note their Social Security income is a necessity, in some capacity, to cover their expenses.
These statistics firmly suggest that getting as much as possible out of Social Security isn't a luxury for future generations of retirees -- it's going to be a necessity. However, optimizing what you'll receive in lifetime Social Security income isn't easy. To do so, you'll need to understand the ins and outs of how your benefit is calculated, as well as fully comprehend just how important your claiming age can be.
Collecting early (age 62), taking a middle-ground approach (age 66), or being very patient (age 70) can swing the payout pendulum wildly, depending on your unique circumstances.
