Statistics show waiting until age 70 maximizes Social Security benefits, with over 90% waiting that long.

From Nasdaq: 2025-06-15 05:48:00

The Social Security Administration advises that there is no single best age to begin collecting retirement benefits, but statistics show that waiting until age 70 can maximize your benefits. Claiming benefits at age 62 can result in a 30% reduction compared to waiting until age 67, and waiting until age 70 can increase benefits by 24%. A recent study found that over 99% of Americans should wait beyond age 65 to claim benefits, with over 90% waiting until age 70. Ultimately, the best age to claim benefits varies by individual, taking into account health, finances, and personal preferences.

While statistics point to age 70 as the best time to claim Social Security benefits, individual circumstances may warrant a different decision. Factors such as health status, lifestyle preferences, and financial needs can influence when to start receiving benefits. Additionally, being informed about Social Security strategies can help maximize retirement income and provide peace of mind. Some little-known “Social Security secrets” could potentially increase annual benefits by as much as $22,924. Ultimately, the decision of when to claim Social Security benefits is a personal one that each individual must make based on their unique situation.



Read more at Nasdaq: Statistics Say This Is the Best Age to Claim Social Security