At what age is it best for retirees to start collecting social security according to statistics?
Social Security payments can be collected beginning at age 62, and can be delayed until age 70. Find out the age when you can receive the biggest check.
The Social Security Administration sends monthly benefits to millions of people, mostly retired workers.
Retirement payments can be claimed starting at age 62 if all requirements are met. However, the request for monthly payments can be delayed until age 70. What is the best age to start claiming them from the government agency?
The best age to start collecting Social Security
Although each case is different, statistically, the best age to collect Social Security benefits is 70, according to a study by David Altig of the Federal Reserve Bank of Atlanta and Laurence Kotlikoff and Victor Yifan Ye of Boston University.
According to financial website The Motley Fool, the study indicates that almost all Americans (more than 99%) who have not begun collecting Social Security retirement benefits should wait beyond age 65 to do so.
It also says more than 90% should wait to apply for Social Security until age 70. The reason behind this is that delaying claiming payments can result in more money, while applying before full retirement age will give you less money.
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An important factor to decide is to understand what full retirement age is. This refers to the age recommended by the administration to receive full Social Security payments; that is, 100% of what a retired worker is entitled to.
Full retirement age depends on the worker's year of birth. If the worker was born between 1943 and 1954, it is 66 years old. If the worker was born between 1955 and 1959, the full retirement age gradually increases until it reaches 67 years of age for those born from 1960 onwards.
Therefore, retiring at full retirement age is a great idea, as you would receive 100% of the benefits you are entitled to. Delaying retirement until age 70 would make you eligible for more money.
On the other hand, early retirement, meaning claiming payments starting at age 62 or before you reach your full retirement age, will give you smaller payments.
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Here are Social Security payments at ages 62, 67 and 70
In 2024, the maximum benefit at age 62 is $2,710, at age 65 it is $3,426, and at age 66 it is $3,652. As for payments claimed at full retirement age (67 years for people born after 1960), the maximum benefit that retirees can claim is $3,822.
People who delay their retirement until age 70 are eligible for a maximum payment of $4,873. These amounts change each year.
As for other payments, the average amount for retired workers rose to about $1,907 for this year, while average payments for elderly couples, where both receive benefits, have increased to about $3,033.
Other Social Security payment amounts are as follows for 2024:
- Surviving spouse with two children: $3,540 to $3,653
- Single elderly surviving spouse: $1,718 to $1,773
- Disabled worker, spouse, and one or more children: $2,636 to $2,720
- All workers with a disability: $1,489 to $1,537
This year, maximum Supplemental Security Income benefits rose to $943 for individuals and $1,415 for couples, but the specific amount depends on each beneficiary. These payments also vary each year based on the cost-of-living adjustment.
To get an estimate of your Social Security benefits, you can use the Social Security Benefits Estimator or request an estimate through a mySocial Security account and other tools available on the Social Security Administration website.