When to claim Social Security

We made a good choice

Here is some information on when people claim social security for retirement. But other people are not you. When you claim depends on your circumstances and when you feel you will need the most income. As you can see, the most popular date is at full retirement age which is based on your date of birth.

Age 62 is popular presumably because individuals need the income, but it also provides the lowest monthly benefit. It is actuarial reduced.

The longer you delay, the higher your monthly benefits.

Excerpt from USA Today article

Delaying to age 70 generates higher income.

However, in my opinion, there is no compelling case based on the most money collected over your lifetime. What is most important is the highest monthly income when you need it most to live on. Maximizing survivor benefits may also be a goal.

What you collect in total over your lifetime is irrelevant. Social Security is insurance and a annuity, it is not an investment.

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