Many retirees depend on Social Security to help them financially during retirement.
However, figuring out when to claim benefits can be complicated, as it depends on several factors unique to each person.
In this article, we will discuss the best time to start receiving Social Security benefits and the different options available.
When Should You Claim Social Security?
The best time to claim Social Security benefits isn’t the same for everyone. It depends on your individual situation, such as how much you’ve worked, your health, and your retirement goals.
For most people, it’s ideal to wait as long as possible before claiming benefits to get a higher monthly payment.
Factors to Consider Before Retiring
Before you decide when to start claiming Social Security, think about these important questions:
- Do you need the benefits right away? If you can afford to wait, delaying your claim can result in a higher payment.
- What does retirement mean to you? Is it quitting work entirely, or is it switching to a part-time job or a less demanding role?
- Why do you want to retire? People retire for many reasons, such as health issues, family obligations, or just wanting a break. Each reason can affect the best time to claim benefits.
The Age to Start Receiving Benefits
You can start receiving Social Security benefits at age 62, but it might not be enough to live on comfortably. To qualify, you must have worked for at least 10 years. The amount you receive will be lower if you start at 62 compared to waiting.
Age 65: Medicare and Social Security
At age 65, most people are eligible for Medicare, which helps with health insurance costs. This age is often seen as the “normal” retirement age. However, the amount you get from Social Security at this age is still less than waiting longer. At 65, the maximum benefit you could receive is $3,426 per month in 2024.
Full Retirement Age: 66 or 67
Your full retirement age depends on when you were born, but for many people, it’s 66 or 67. If you claim benefits at this age, you could receive up to $3,822 per month. This is a better option than starting earlier, as the payments are higher.
Age 70: The Highest Payment
If you can afford to wait until age 70, you will receive the highest monthly payment. At age 70, you could receive up to $4,873 per month. This is the maximum amount available from Social Security.
The best time to claim Social Security depends on your personal circumstances. While starting benefits at age 62 might seem tempting, waiting can result in a much higher monthly payment.
Consider your health, financial needs, and retirement plans when making your decision. The longer you wait, the more you’ll receive.
1. When can I start getting Social Security benefits?
You can start receiving Social Security at age 62, but your benefits will be lower.
2. How much can I get from Social Security at age 62?
At age 62, the most you can get is $2,710 per month in 2024.
3. What’s the normal retirement age?
The normal retirement age is 65 for Medicare, but full retirement age is typically 66 or 67 depending on when you were born.
3. What’s the normal retirement age?
The normal retirement age is 65 for Medicare, but full retirement age is typically 66 or 67 depending on when you were born.
4. How much can I get at full retirement age?
At full retirement age, you could get up to $3,822 per month.
5. Should I wait until age 70 to claim benefits?
If you can wait until age 70, you could receive up to $4,873 per month, which is the highest amount available.
