Search
Close this search box.

Key Ages for Social Security Benefits: 62 and 67 Explained

Social Security
Depositphotos

*You have several options when deciding when to start taking Social Security. You can begin as early as age 62, wait a few years for larger checks, or delay until age 70 to maximize your monthly payments.

As Yahoo Finance reports, two of the most common ages for claiming Social Security benefits are 62 and 67. For those born in 1960 or later, 67 is the full retirement age, where you’ll receive 100% of your benefit based on your work history.

Per Yahoo Finance, “Claiming benefits at age 62 will result in smaller monthly payments, but it can also make earlier retirement more manageable,” the outlet writes, adding, “One of the simplest, most effective ways to dramatically boost your retirement income is to delay claiming Social Security. Filing early will result in smaller checks, while delaying could boost your payments by hundreds of dollars per month.”

“Most people should wait as long as possible to file for benefits, but it’s particularly important for the higher earner in a couple to delay, since that’s the benefit that determines what the survivor gets,” said Liz Weston, certified financial planner (CFP) and author of “The 10 Commandments of Money,” Forbes reports. 

“Starting early is a common timing mistake, especially if you think you won’t live beyond the break-even age where the larger checks for waiting more than offset the smaller checks you passed up,” said Weston.


“Most people don’t understand how long they’re likely to live and the risks if they outlive their savings,” she added.

Weston also noted, “8% per year is what you get by delaying past your full retirement age (until your benefit maxes out at 70). Elsewhere, getting an 8% return requires a substantial risk that you’ll lose money.”

EUR’s previously reported, “But experts are on the fence with this, so to speak. If you’re eligible, the earliest you can begin claiming your social security money is 62. But you will only get a portion of it. On the other hand if you wait until your full retirement age, 66 or 67, depending on your birth year, you get 100%…and if you wait even later, say 70, you could get as much as 132% of your money.”

Learn more about how social security works in the YouTube clip above. Read the full Yahoo Finance report here.

READ MORE FROM EURWEB.COM:  Things You Should Know About Social Security Benefits

We Publish News 24/7. Don’t Miss A Story. Click HERE to SUBSCRIBE to Our Newsletter Now!

Joe Biden at 2023 WHCD (Al DragoReuters)
Phaedra Parks - via Instagram
Elon Musk (Marlena Sloss-Bloomberg-Getty Images)
Kyle Dubay and Bo Shepherd - Via Kyle Dubay
Sean 'Diddy' Combs being arrested - TMZ video screenshot
Suge Knight - Diddy
Oprah Winfrey (Mike Blake-Reuters via CNN Newsource)
Amber Rose - via Instagram
Jomo Jesus Thomas Suriel
Donny Hathaway - GettyImages
Tyrese Gibson
Read More
Lizzo (Getty)
Read More
Tim Walz at 2024 DNC - screenshot
Read More
Elon Musk - Getty
Read More
Shannon Sharpe - IG screenshot
Read More
Tito Jackson
Read More
Monica and Brandy
Read More
Ghostface Killah
Read More
Altered pic of Sean Diddy Combs (center) and Kamala Harris (and Montel Williams' daughter on right)
Read More
Lori Harvey
Read More

POPULAR

Joe Biden at 2023 WHCD (Al DragoReuters)
Biden Pledges More Than $1 Billion for Historically Black Colleges and Universities (HBCUs) - Total Now Over $17B | VIDEO
Phaedra Parks - via Instagram
Phaedra Parks Roars Back to ‘RHOA’ - Says the Cast Shakeup was Worth it | WATCH
Elon Musk (Marlena Sloss-Bloomberg-Getty Images)
Secret Service: We’re Investigating Elon Musk’s Biden/Kamala 'Assassination' Tweet | VIDEO
Kyle Dubay and Bo Shepherd - Via Kyle Dubay
From Neglected to Noteworthy - Detroit Couple Buy $6,500 Abandoned House and Sell it for $410,000! | WATCH
Sean 'Diddy' Combs being arrested - TMZ video screenshot
Diddy's Sudden Arrest: A Life-Changing Moment Caught on Camera | WATCH-it-Happen
Suge Knight - Diddy
Don't Squat to Pee! Suge Knight Offers Jail/Prison Survival Tips to Sean Combs
Oprah Winfrey (Mike Blake-Reuters via CNN Newsource)
Here is Why Oprah Winfrey’s Latest Documentary on Her Life is Not Coming Out | VIDEO
Amber Rose - via Instagram
She's All in - Amber Rose Backs Controversial Trump Claims on Pet-Eating Immigrants | VIDEO
Jomo Jesus Thomas Suriel
Meet Jomo Jesus Thomas Suriel: The 8-Year-Old Author Transforming Children's Literature
1 2 3 8,304