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Probably the biggest – and arguably most important – question near-retirees have about Social Security is when the best age is to start collecting the program’s monthly benefit checks.
The earliest you can claim Social Security benefits is age 62. In 2021, about 29 percent of newly retired workers claimed their retirement benefits at age 62, according to the Congressional ...
It’s important to note that you don’t have to stop working when you begin collecting benefits, but if an individual is still working while collecting Social Security benefits and is younger ...
With a few exceptions, almost every financial guru will tell you to wait as long as you can to start collecting your Social Security payments. If you choose to draw on your Social Security before ...
On the flipside, you can wait as long as age 70 to begin collecting Social Security benefits. In this case, the amount of your retirement benefit will continue to rise until age 70, when it maxes out.
You can start claiming Social Security as soon as you reach 62. However, the full retirement age for collecting 100% of your Social Security benefits is 67. If you delay claiming benefits, you can ...
The way Social Security is set up, the longer you wait to collect retirement benefits, the higher your monthly payment. Claiming benefits at age 62 means you will get the smallest possible check.
Data source: Social Security Administration. Chart by author. Despite earning comparable salaries throughout their careers, the 70-year-old person can receive a monthly benefit 80% higher than ...