"The Optimal Age for Social Security Benefits and Average Retiree Payout"
Social Security is crucial for many retirees, with the age at which benefits are claimed having a significant impact on the monthly amount received. While there's no single correct age to file, data from the Social Security Administration shows that around 28% of men and 27% of women file at their full retirement age (FRA), with age 62 being a popular choice as well. Delaying benefits until age 70 can result in significantly larger monthly payments. The average monthly benefit among retired workers varies by age, with those who wait until age 70 receiving around $740 more per month compared to claiming at age 62. Ultimately, the decision on when to take Social Security depends on individual circumstances and financial goals.