The Social Security Administration gives Americans the option to retire at age 62. However, it may not be wise to claim retirement benefits at this age, if you want your the higher the monthly payment.
Certain factors, such as one’s retirement age, the normal retirement age, income earned, and years of service, will influence the amount you will ultimately receive.
If you retire at the age of 62, you should know that you accept that you will not receive 100% of the retirement benefits, because that is given to you when you retire at the age of 66 years and six months.
Early retirement can be easy if you have good savings and other sources of income, even if it is not enough if you have debts or loans.
So, when is the best time to claim Social Security benefits?
If the retirement age is 67, the best financial decision is to retire at 70.
And more and more seniors rely on Social Security as a significant part of their income.
It is important to remember that every year you delay your application for Social Security benefits you get an 8% raise of the payment they will give you at the end.
So, if you wait until age 70 you’ll pay 24% more every month.