The dispute over the ideal age to start collecting Social Security benefits is never-ending, owing to the fact that it is highly dependent on the individual’s circumstances.
At every age, there are benefits and drawbacks to accepting Social Security, and you must make the best option for yourself.
We’ll examine the three most typical occasions people take Social Security in this post to assist you to make your decision.
Social Security at the age of 62
For starters, early retirees frequently file for Social Security at the age of 62 for a variety of reasons.
Those who have little other means of income, for example, may qualify since it ensures the food on the table.
The primary downside is that your payment will be 30 percent lower than if you applied for Social Security at age 67.
Taking Social Security benefits at the age of 67
Because more Americans are working past the age of 65, it is normal for persons entering full retirement at the age of 67 to file for Social Security.
The key benefit of waiting until you’re 67 is that a monthly benefit of $1,400 will quickly increase to around $2,000, and this “pay rise” will continue for the rest of your life.
Getting Social Security at 70 years old
Waiting until age 70 to file for Social Security benefits is less typical, owing to the fact that many retirees are unable to begin receiving payments at the age of 62.
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However, the advantages are significant, since waiting until age 70 results in a massive payment, with an annual increase of 8%.
In general, there is no clear answer as to when you should file for Social Security.
It all relies on your individual circumstances, including elements such as your health, life objectives, and anticipated retirement date.