Statistically, This Is the Smartest Age to Collect Social Security
One age within the traditional claiming range -- 62 through 70 -- offers a superior probability of maximizing lifetime Social Security income for future retirees.
For an overwhelming majority of retirees, Social Security is more than just a monthly check they'll receive. It represents a financial foundation that would be challenging to live without.
In 2023, Social Security was responsible for pulling approximately 22 million people above the federal poverty line, some 16.3 million of which were adults aged 65 and over. This analysis from the Center on Budget and Policy Priorities also estimates the senior poverty rate would be nearly four times higher if Social Security didn't exist -- an estimated 37.3% without vs. 10.1% with Social Security income.
Getting as much as possible out of Social Security is going to be a necessity for most future retirees. But in order to do so, workers need to understand the ins and outs of how their benefit is calculated, as well as realize how important their initial collection age can be in swinging the monthly and lifetime payout pendulum.
