Not 62 nor 70: This is the best age to claim Social Security retirement benefits in the United States
Find out what is the optimal age to retire. Choose the best option according to your circumstances.
When a person approaches the age of 62, the same question always arises: “When is the best time to retire?” If you can answer this question correctly, you’ll receive the highest possible Social Security income available to retirees.
Depending on the age you choose to retire, you will be able to obtain an income from Social Security of 70%, 100% or 124% of what you have earned during your working life. The average retirement age of workers in the United States is important to know the age at which people are deciding to retire in each state.
When should I choose to retire at 62?
Retirement age depends on many factors. The Social Security Administration allows citizens to retire starting at age 62. If you have worked for 35 years and are 62, it may be better for you not to retire. Social Security will pay you 70% of your corresponding monthly check.
Health factors are also important to consider. If your health is fragile, it may be best to retire at 62, even if you only receive 70% of your full retirement benefit. It is also a good option for those with large savings or extra income.
When should I choose to retire at 67?
For everyone born in 1960 or later, the official retirement age for Social Security is 67. If you retire at this age, the Social Security Administration will pay you 100% of your retirement benefit.
This is the best age if you want to receive your full pension permanently. If you decide to retire at 67, you must have worked 35 years; if any years are missing, they will be counted as non-working years, and you will not be eligible for 100% of your retirement benefit.
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When should I choose to retire at 70?
Choosing to retire at 70 is the most financially advantageous option because if you retire at 70, the monthly payments you receive from Social Security will be up to 124% of your retirement benefit.
This is because the Social Security Administration increases your retirement payments by 8% for each year you delay retirement until age 70. Thus, the Social Security retirement payment table looks like this:
As with previous options, it is important to know that you must have worked at least 35 years.
What is the average Social Security payment if you retire at 70?
According to the latest data from the Social Security Administration, the average benefit in the USA for workers retiring at 70 is $1,963.48.
Waiting until age 70 may be the best option if you have extra income and do not need to receive Social Security retirement payments right away. Check this table to see the payments for each age group
| Age | % of retirement benefit |
|---|---|
| 62 | 70% |
| 63 | 75% |
| 64 | 80% |
| 65 | 86.7% |
| 66 | 93.3% |
| 67 | 100% |
| 68 | 108% |
| 69 | 116% |
| 70 | 124% |
How do I know what my break-even point is?
The option to delay retirement by a few years to receive more in the future is very appealing, but you should know that it means you’ll receive fewer Social Security checks over your lifetime.
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It is important to find the balance between having more time to enjoy Social Security retirement payments and the larger amount of money you can receive each month.