What is the Best age to Start Social Security?
Have you ever wondered what the best time is to start collecting Social Security –
should you do it as soon as you turn 62? Or, does it make more sense to wait until your
“full retirement age” (either 65, 66 or 67, depending on when you were born)? Or, are
you better off waiting until age 70?
There’s a big financial advantage for those who wait. For each year past your full
retirement age that you can put off applying for Social Security, your monthly check will
increase by 8 percent.
For example, let’s say you aim to retire next month at 62, having worked 40 years and
ending up with a final salary of $80,000. Your benefit would come to around $1,455 a
month, according to Social Security’s website. But if you could wait and keep working
until 66, your full retirement age, you’d get $2,074 a month. And, if you can wait till age
70, your benefit would be $2,833 — almost double the check you would get at 62.