The Pros and Cons of Starting Social Security at Different Ages

Deciding when to file for Social Security benefits is a crucial decision for many Americans approaching their early 60s. While some opt to claim benefits at age 62, there are compelling reasons to wait until age 67. Firstly, waiting allows individuals to continue working and potentially earn more money. Secondly, delaying benefits until 67 results in higher monthly payments. Lastly, postponing Social Security benefits provides more time to save for retirement and explore other income sources. For those seeking to maximize benefits, waiting until age 70 can boost monthly payments by 24%, although there is a risk of not living long enough to fully benefit.