From Nasdaq: 2025-05-04 03:44:00

In March, over 52 million retired workers received an average Social Security check of $1,997.13, which is crucial for many retirees. Between 80% and 90% of beneficiaries rely on this income to cover expenses each year.

Understanding how your Social Security benefit is calculated and choosing the right claiming age can significantly impact your monthly and lifetime income. Factors like earnings history, work history, full retirement age, and claiming age play a crucial role in determining your benefit amount.

While there are advantages and drawbacks to claiming at 62, 67, or 70, data suggests that waiting until age 70 may statistically optimize your lifetime Social Security income. Researchers found that many retirees could have maximized their benefits by claiming at a later age.



Read more at Nasdaq: Is It Better to Collect Social Security at 62, 67, or 70? A Detailed Study Offers a Clear Answer.