Is This the Perfect Age to Start Collecting Social Security?

Core Insights - The gap between the expected full retirement age (67) and the actual retirement age (62) is influenced by health issues, caregiving needs, and layoffs [2] - The ideal retirement age varies based on individual circumstances, including financial needs and health status [4][7] - Delaying Social Security benefits until age 70 can maximize monthly benefits, which is beneficial for those who started saving late or live in high-cost areas [9] Group 1 - In 1991, the full retirement age was 65, while the average retirement age was 57; currently, the full retirement age is around 67, with the average retirement age at 62 [1][8] - Early retirement can begin at age 62, but benefits decrease the earlier one claims; for those needing income, this may be a suitable option [7][8] - Full retirement age allows individuals to receive their full benefit, and retiring before this age requires reliance on retirement savings [9] Group 2 - Survivors benefits are a consideration for primary earners; retiring at full retirement age or later maximizes benefits for dependents [5] - Individuals with health complications may opt for early claims to maximize benefits due to shorter life expectancy [6] - Postponing benefits until age 70 is recommended for maximizing the amount based on work history [9]