Is It Better to Collect Social Security at 62, 67, or 70? A Detailed Study Offers a Clear Answer.
A thorough analysis of 20,000 retired-worker beneficiaries found one age to be statistically superior to others in terms of maximizing lifetime collection from Social Security.
In March, more than 52 million retired workers brought home an average Social Security check of $1,997.13. While this is a relatively modest monthly sum, it's proved vital to helping retirees make ends meet.
In each of the previous 23 years, pollster Gallup has surveyed retirees to determine how reliant they are on the Social Security income they receive. Consistently, between 80% and 90% of retired-worker beneficiaries lean on their payout, to some degree, to cover their expenses.
In other words, getting as much income as possible from Social Security isn't a luxury -- for many, it's foundational to their financial well-being.
