At age 62, the maximum Social Security benefit is reduced, reaching up to 75% of the full retirement age benefit.
Waiting until the full retirement age, typically 67, allows individuals to receive their full benefit.
However, delaying until age 70 can result in a maximum benefit, with an 8% increase per year of delay
This strategy can yield up to 132% of the full retirement age benefit.
Choosing the right age to claim Social Security is crucial for optimizing lifetime benefits and financial security.
Claiming at the full retirement age (usually 67) provides the maximum benefit, while waiting until age 70 can increase it by up to 24%.
As of 2022, the highest monthly benefit at full retirement age is around $3,345, but waiting until 70 can result in a monthly benefit of approximately $4,166.
It's important to consider individual circumstances and financial needs when deciding the optimal time to claim Social Security.