"When should you claim Social Security? There are a lot of different answers to this question, depending on who you ask. There are financial gurus who have weighed in, and there have even been studies done that show when the optimum claiming age is for most seniors. So, should you follow the advice of these financial professionals or use the data as your guide to decide when to file for your first Social Security check? Here's what you need to know."
"Orman believes that this is the right move because when you delay your claim, you avoid early filing penalties and you earn delayed retirement credits. The longer you wait to start your payments, the bigger each monthly Social Security check will be. You can maximize the income you get from this benefits program, which is a good thing since these benefits are guaranteed not to stop during your lifetime."
Expert opinions vary widely on the optimal age to claim Social Security. Delaying benefits to age 70 yields delayed retirement credits, increases monthly payments, and can raise lifetime income for many retirees because benefits are guaranteed and include Cost of Living Adjustments. Claiming at age 62 provides earlier cash flow that can be invested to potentially outpace the government’s delayed-benefit increase. Studies have attempted to identify an optimum claiming age for most seniors, but individual outcomes depend on life expectancy, investment returns, and personal financial needs. The choice requires weighing guaranteed higher future checks against current income and investment opportunities.
Read at 24/7 Wall St.
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