Should You Start Social Security at 62, 65, or 70? This Is the Best Age for Most Retirees, According to a Statistical Analysis

The vast majority of retired workers depend on Social Security to some degree. But a recent survey from Nationwide Retirement Institute shows many Americans misunderstand how claim age affects benefits: 40% of participants incorrectly stated benefits automatically increase after full retirement age (FRA), regardless of when Social Security starts.In truth, the decision to claim Social Security before FRA results in a permanent reduction, and the decision to claim after FRA results in a permanent increase. Workers can start Social Security as early as age 62, but they will receive the smallest possible benefit based on their lifetime income. Alternatively, workers can delay benefits until age 70, and they will receive the largest possible benefit based on their earnings history.However, that raises an important question: If you want to maximize lifetime benefits, is it better to start Social Security early and receive smaller payments, or is it better to start Social Security later and receive larger payments? The National Bureau of Economic Research published a study in 2022 that suggests most Americans shortchange themselves.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool