You may be wondering what is the best age for retirement to take full advantage of the Social Security Retirement Benefits. Here, we have gathered data from published articles to look into the best age for retirement.
What Is The Best Age For Retirement?
For the great majority of the approximately 167 million Americans who are now in the work force, they consider Social Security to be America’s primary retirement program.
According to a report from the Motley Fool, between 80% and 90% of current retirees depend on their Social Security check as a “major” or “minor” source of income. In other words, without this monthly payment, living expenditures cannot be covered.
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What Is The Best Age For Retirement? – 70-Years Old
The Social Security Website had revealed that the best age for retirement starts at 70. However, members can actually begin receiving Social Security retirement payments at 62. When you reach full retirement age, members will then be eligible for all benefits. The benefit amount will rise if members wait until they are 70 years old before claiming their benefits.
The decision to get pension prior to reaching full retirement age has both benefits and drawbacks. If members wait ‘till they are 70, they will be qualified for delayed retirement credits, which would raise monthly payment.