From Yahoo Finance: 2025-05-24 07:37:00

Many start collecting Social Security at 62, while Medicare eligibility at 65 is another popular age to leave the workforce. Claiming at 70 offers a 24% higher benefit, but few Americans opt for this. Planning to claim at full retirement age of 67 due to aggressive retirement savings and the desire to retire early for travel.

Having a higher retirement benefit at 70 is appealing, but saving aggressively may negate the need to wait. Plan to claim at full retirement age to avoid early retirement benefit reduction. Uncertainty about future longevity makes it important to have a flexible plan for Social Security claiming age.

Claiming Social Security at 62 provides eight more years of income compared to starting at 70, with more years of payments if you live to 80. Full retirement age is a solid compromise between maximizing income and receiving checks for a longer period. Planning for retirement is essential, but unforeseen changes may alter the course.

Delayed retirement benefits can ensure higher income, but personal circumstances may prompt earlier retirement. Acknowledging the unpredictability of life underscores the importance of flexibility in retirement planning. Various valid reasons exist to claim Social Security at different ages, highlighting the need for a personalized approach to retirement planning.

Read more: 3 Reasons I’ll Be Taking Social Security Long Before Age 70