The Optimal Age to Take Social Security: A Statistical Perspective
When it comes to claiming Social Security benefits, statistics show that waiting until age 70 is the optimal choice for maximizing lifetime income. A study analyzing the claiming decisions of 20,000 retirees found that only 8% of claims made at ages 62, 63, or 64 were optimal, while 57% of retirees would have generated the highest possible lifetime income by waiting until age 70. Age 67 was the second-best claiming age, followed by 69 and 68. However, individual factors such as health, marital status, and financial situation should also be considered when making the decision.