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Do Not Claim Social Security Benefits Until You Reach This Age, No Matter Your Age

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When you’re ready to retire, there’s a secret number you should know that will help you maximize your Social Security income. And it’s not the figure you might think.

Most people are aware that you can begin collecting Social Security payments at the age of 62.

And, if you’ve done any retirement financial planning, you’re surely aware that if you wait until the age of 70 to claim benefits, you can collect the maximum monthly benefit amount.

However, there may not be a significant advantage to waiting, especially if you require revenue to survive.

Similarly, claiming Social Security payments as soon as you reach the age of 62 will assist you to avoid prematurely withdrawing from interest-earning investments or even selling stocks and other investments in a bear market.

This is due to the fact that the Social Security system equalizes lifetime benefits regardless of when you claim. You will have the money sooner if you begin claiming sooner.

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However, if you wait until age 70 to file, you would receive more money in a shorter period of time to compensate for the eight years you were not receiving benefits.

However, before claiming benefits, you must have worked and paid into Social Security for at least 35 years.

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Social Security benefits, you see, are calculated as a percentage of your average wage for your 35 greatest earning years. Most people’s salaries rise as they become older and gain more work experience.

More crucially, even if you haven’t worked for 35 years, Social Security still calculates the average based on your wage and divides it by 35.

So, if you’ve only worked 20 years, which is ten years more than the minimum required to collect Social Security, the Social Security Administration will sum your earnings over those 20 years and divide by 35.

They will consider the remaining 15 years to have earned nothing.

Also Read: Here’s How to Get a Replacement Social Security Card!

If you’re wondering how much you’ll earn in retirement based on your current work history, or if you’re planning ahead for retirement, you may view your Social Security Statement at nine various ages, which includes tailored retirement benefit projections.

You’ll also see your earnings history, which can help you decide when to stop working and start collecting Social Security.

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