Optimal Social Security claiming decisions can lead to higher lifetime income for retirees
From Nasdaq: 2025-04-06 03:44:00
- Social Security income is crucial for many Americans, with 16.3 million seniors lifted above the poverty line in 2023 due to their monthly checks. Between 80% to 90% of retirees see Social Security as essential for covering expenses.
- Understanding how Social Security benefits are calculated is key to maximizing lifetime income. Factors like work history, full retirement age, and claiming age all play a role in determining your monthly check.
- Claiming Social Security at ages 62, 66, or 70 comes with pros and cons. While early claiming offers immediate benefits, waiting until 70 can maximize monthly payouts. A study shows that patience in claiming can lead to higher lifetime income for retirees.
- A study reveals that only a small percentage of retirees make optimal Social Security claiming decisions. Waiting until age 70 can maximize lifetime benefits, while early claiming may not be the best choice for many retirees. Patience could pay off in the long run for future generations.
Read more at Nasdaq: Is It Better to Collect Social Security at 62, 66, or 70? An Extensive Analysis Offers a Very Big Clue.