Are You Better Off Taking Social Security at 62 or 70? The Data Is Clearer Than You'd Think

Core Insights - The decision of when to claim Social Security is crucial for retirees, as it significantly impacts monthly and lifetime benefits [1] - Data indicates that most retirees benefit more by delaying their claims until age 70 [5][8] Claiming Rules - Social Security can be claimed between ages 62 and 70, with early claims resulting in reduced benefits by up to 30% [6][7] - Delayed claims can increase benefits by as much as 24% compared to standard benefits [7] Optimal Claiming Age - Studies show that 57% of retirees achieve greater wealth by claiming at age 70, while only 6.5% benefit from claiming before age 64 [8] - Delayed claiming can lead to a 10.4% increase in lifetime spending for typical workers and a median household wealth increase of $182,370 [8]