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Social Security: Best age to apply for benefits

The age you choose to apply for Social Security benefits will directly impact how much you’re paid each month.

application to claim social security benefits are retirement age

The age you choose may also be what works for you, but not what works for someone else.

You’ll need to weigh the pros and cons to each age and look at things like your overall health, or your spouse.

There are three major ages people choose to retire at.


Why people choose ages 62, 67, or 70 to retire and claim Social Security

Claiming at age 62

Age 62 is the youngest you can claim your Social Security benefits.

If you have little to no income, it may be wise to just claim it early.

If you’re in poor health and do not expect to make it to 67, then retiring may be the best option.

The issue with this is you will lose up to 30% of your monthly benefits for claiming earlier than your full retirement age.


Claiming at age 67

Age 66-67 is the average full retirement age for Americans.

This age will give you 100% of your full retirement benefit.

By waiting from 62 until your FRA, you’ll see a larger payment each month.


Social Security: Who can get the maximum $4,194 benefit?

Claiming at age 70

Age 70 is the latest you can claim benefits before they stop growing.

By waiting until 70, you earn credits for delaying your benefits.

For each year between your FRA and 70 you can see up to 8% more.

If you’re in good health and wait to this point, you’ll see the highest benefit possible.

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