From NASDAQ:



According to a 2019 study from United Income, waiting to claim Social Security benefits until age 70 may pay off in the long run for most individuals, despite the temptation to claim benefits at age 62. The study found that only 8% of claims made before full retirement age would have been optimal on a combined basis from ages 62 through 64, while 57% of claims would have been optimal at age 70. This suggests that patience can be beneficial for retirees when it comes to maximizing lifetime income from Social Security. Ultimately, this study, along with other factors such as health, marital status, and financial needs, emphasizes the importance of understanding the ins and outs of Social Security benefits and carefully considering the claiming age in order to get the most out of this retirement program.



Original: Here’s the Average Social Security Benefit at Ages 62, 67, and 70