Here are the worst ages to claim Social Security. Is your timing all wrong?

Core Points - The article discusses the optimal age to claim Social Security benefits, emphasizing that the timing of claims can significantly impact retirement income [1] - It highlights that claiming benefits at age 62, while popular, results in a permanent reduction in monthly benefits [2][4] Age 62 - Claiming Social Security at age 62 leads to a 30% reduction in monthly benefits compared to the full retirement age (FRA) of 67, and a 44% reduction compared to claiming at age 70 [3] - Early claims increase longevity risk, resulting in lower lifetime benefits for individuals who live longer, and can negatively affect survivor benefits for spouses and dependents [3] Ages 65 to 67 - For individuals close to their FRA, waiting to claim Social Security can yield higher monthly benefits due to smaller reductions for early claims [5] - Delaying claims at ages 65 or 66 can increase monthly payouts by 8% per year until age 70, which is a guaranteed increase by the Social Security Administration (SSA) [6] - This 8% increase is comparable to fixed-income investments, offering a potentially higher yield than current fixed-income market rates [6]