"Maximizing Social Security Benefits: The Best Age to Retire Revealed"
Originally Published 1 year ago — by The Motley Fool
Social Security benefits for retired workers are determined by work history, lifetime income, and claiming age, with claiming age having a significant impact on retirement benefits. The largest possible benefit for retirees at ages 62, 66, and 70 in 2024 is $2,710, $3,652, and $4,873 per month, respectively. To qualify for the maximum benefit, workers must have at least 35 years of work history, earn more than the taxable limit for 35 years, and claim Social Security at age 70. While very few will qualify for the maximum benefit, optimizing work history and claiming age can still significantly impact the payout.