"Maximizing Social Security Benefits: A Comprehensive Guide"
Originally Published 1 year ago — by The Motley Fool
Social Security benefits are a crucial income source for retirees, with factors like work history, earnings, full retirement age, and claiming age influencing monthly payouts. Claiming benefits as early as age 62 can reduce monthly benefits by up to 30%, while waiting until age 70 can increase payouts by 24-32%. Despite popular choices being ages 62 and 66, a study suggests that waiting until age 70 may maximize lifetime benefits for most retirees, emphasizing the power of patience in making Social Security claiming decisions.