At what age is it better to start collecting social security for retirees according to the statistics?

The exact amount to be received through Social Security payments depends on several factors, including years worked, the salary received during the time the worker was active, and, of course, the age at which the employee decides to retire.

The most money you can receive from Social Security is at age 70, which increases the maximum benefit to $3,627.

Of course, this means working all the way up until then, which is unfeasible for many. The average life expectancy in the US for 2023 was 76 years old, meaning you would have just five years on average to live life. In Mississippi, the average life expectancy is 71, meaning waiting until full retirement age would be a waste of time.

So what age is best to retire at?

A JPMorgan Chase report found the probability a 62-year-old male will live at least 77 years is 67%, and the probability is 53% that he will live at least 81 years. This suggests that delaying your Social Security payments is likely to be more beneficial than taking them early, especially if you have other retirement funds.

It is usually recommended to at least get to the Full Retirement Age. This changes based on when you were born, but meeting this target means your benefits will not be reduced. The minimum retirement age is 62, which results in a reduced average payment of $1,247.

If you were born in 1960 or later, the full retirement age will be between 66 and 67. If you were born in 1954 or before, your full retirement age is 66.

Meeting this target age means you can expect an average monthly check of $1,782. Working those extra few years means a much larger Social Security payment compared to retiring at 62.

In the end, the most important factor for your retirement age is your personal financial situation. How much of your work are you willing to give up to enjoy retirement?

Many Americans also have other retirement plans rather than just relying on Social Security. The median balance for Americans aged 65 and over, around retirement age, is $70,620. Without a functioning pension for many jobs nowadays, careful use of finances and investments are crucial for enjoying life in your twilight years.