Social Security at 62, 66, and 70: Understanding the Average Payout
Whether you're sitting on a pile of personal savings or you barely have a dollar to your name, chances are you probably want to get as much money from Social Security as you can. How much you receive largely depends on your income during your career. But there is one major decision you make later in life that affects the size of your checks: your claiming age.You can begin claiming Social Security at any point after you turn 62. You might be thinking of applying right away so you can get the most money possible, but this isn't always your best option. If you want to make the right call, you need to understand exactly how your claiming age affects your checks.Image source: Getty Images.Continue reading
Whether you're sitting on a pile of personal savings or you barely have a dollar to your name, chances are you probably want to get as much money from Social Security as you can. How much you receive largely depends on your income during your career. But there is one major decision you make later in life that affects the size of your checks: your claiming age.
You can begin claiming Social Security at any point after you turn 62. You might be thinking of applying right away so you can get the most money possible, but this isn't always your best option. If you want to make the right call, you need to understand exactly how your claiming age affects your checks.
Image source: Getty Images.
