Most financial experts will tell you to wait to claim your Social Security retirement benefits at least until your full retirement age (which is now 67) or even as late as age 70.
Why? Your benefit will be permanently lower if you claim at 62, which is the earliest age to start collecting. In fact, it would be 30% lower than what you’d receive if you wait until 67. And your benefit would be 24% higher if you wait until age 70.
So, say your initial monthly benefit at 67 would be $2,000. It would be reduced to $1,400 if you claim at 62; or increased to $2,480 at 70.
But figuring out the best age to claim your benefits isn’t always straightforward. That’s because your personal circumstance and finances (such as other sources of retirement income and your tax bracket) can be complex and so are the Social Security rules governing them. (Here’s just a small taste of the gazillion permutations that may apply.)
Factors to consider include your health and longevity expectations, your marital and parental status and your economic needs.
