"The Optimal Social Security Benefit Age for Retirees"

The Nationwide Retirement Institute reports that only 8% of surveyed adults can identify all the factors that determine the maximum Social Security benefit, which is problematic as it is often the largest source of income in retirement. Social Security benefits for retired workers are calculated based on work history, lifetime earnings, and claiming age, with the maximum benefit being earned by those who have at least 35 years of work history, earnings up to the maximum taxable limit, and claim at age 70. Claiming at age 66 rather than 62 can result in up to $942 more per month, and delaying until age 70 can yield up to $2,163 more per month. While very few Americans will qualify for the maximum benefit, working for at least 35 years and delaying claiming can help increase the payout.