Timing Social Security can be difficult, but because people are living longer in general, the best strategy is to wait as long as possible, financial...
Should you claim Social Security early and get a greater number of smaller payments, or should you wait until your full retirement age — or even later — to claim the biggest possible payout?
You can begin claiming Social Security benefits at age 62, but you’ll receive less than you will if you wait. Full retirement age is 67 for those born after 1960, and waiting until age 70 would give you 132% of your full retirement-benefit amount.SSA.gov has calculators that help you determine your Social Security benefits and how much money you’ll receive at different ages. Your benefits are based on the 35 top-earning years of your working life.
In 2021, 24% of recipients claimed Social Security at 62. That’s down from 2011, when more than half of recipients claimed at the earliest age, according to Pfau. “Social Security is not a women’s benefit. It’s a male benefit. Women tend to be underpaid and may be out of the workforce for a time,” Miser said. “You need to figure out the impact of deferring the breadwinner’s benefit and the best time to claim that. That will be the survivor’s benefit.”
“What Social Security will look like in 2033 is unknown. No one wants to challenge this 80,000-pound elephant sitting in the room,” said Miser.
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