When To Claim Social Security Benefits: Making the Most Financially Sound Decision

The Social Security Administration gives Americans the option to retire at age 62. However, it may not be wise to claim retirement benefits at this age, if you want your monthly payment is larger.

Some factors, such as the age at which one retires, the normal retirement age, income earned, and years of service, influence the amount you will receive in the end.

If you retire at age 62, you should know that you are accepting that you will not receive 100% of the retirement benefits, since those are given to you if you retire at age 66 years and six months.

Early retirement may be convenient if you have good savings and other sources of income, although this may still be insufficient if you have mortgages or owe loans.

So, when is the best time to claim Social Security benefits?

If the retirement age is 67, the best financial decision would be to retire at 70.

And more and more older people depend on Social Security as an essential part of their income.

It is important to remember that each year you delay your application for Social Security benefits you get an 8% increase in the payment they will give you at the end.

Therefore, if you manage to wait until age 70 you would have a payment that would be 24% larger each month.

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