The retirement decision you can’t afford to get wrong—are you making the best move?
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When it comes to planning for retirement, one choice can shape your financial future more than any other—when to claim Social Security.
With so many opinions floating around, it’s easy to feel overwhelmed.
But understanding this decision could mean the difference between just getting by and truly enjoying your golden years.
The Social Security Administration allows retirees to start claiming benefits as early as 62, but there’s a trade-off—smaller monthly checks.
On the other hand, waiting until 70 means larger payments for life. The challenge? Deciding which option makes the most sense based on your personal circumstances.
Also read: Facing retirement at 66 with zero savings: Discover the Social Security rule that could secure your future
Using the Social Security Life Expectancy Calculator, let’s consider the numbers.
A man with an average life expectancy of 74.8 years might assume claiming at 62 is the smartest move. Doing so would yield about $215,600 in lifetime benefits.
If he waits until 65, the total drops to $204,500. By delaying until 70, the amount falls further to $143,800.
At first glance, this suggests taking benefits early is the best choice. But there’s a crucial factor that changes everything.
While 74.8 years is the average life expectancy at birth, those who make it to 62 typically live much longer—up to 83.6 years for men and 86.5 years for women.
This shift means the calculations tell a different story.
Also read: Discover these 9 hidden retirement havens where you can live safely—and affordably!
For someone living to 83.6, claiming at 62 would result in a total of $362,600 in benefits.
Waiting until 65 increases that number to $386,500.
But those who hold out until 70 could collect around $404,200 over their lifetime.
Many financial experts argue that most retirees should delay claiming Social Security.
Boston University economist Laurence Kotlikoff suggests retirement planning should prepare for a worst-case scenario—living to 100.
If that happens, waiting until 70 means securing the highest possible monthly benefit, which can provide crucial financial security in later years.
Also read: The ideal retirement destinations: Could this be your next haven?
Of course, waiting isn’t the right move for everyone.
Those facing immediate financial hardship or health issues may need to claim early.
The key is weighing personal factors before making a decision.
Have you decided when to claim Social Security? What factors influenced your choice? Share your insights in the comments below and help others navigate this important decision.
Read more: Protect your 401(k) savings—these hidden fees could drain your retirement funds
With so many opinions floating around, it’s easy to feel overwhelmed.
But understanding this decision could mean the difference between just getting by and truly enjoying your golden years.
The Social Security Administration allows retirees to start claiming benefits as early as 62, but there’s a trade-off—smaller monthly checks.
On the other hand, waiting until 70 means larger payments for life. The challenge? Deciding which option makes the most sense based on your personal circumstances.
Also read: Facing retirement at 66 with zero savings: Discover the Social Security rule that could secure your future
Using the Social Security Life Expectancy Calculator, let’s consider the numbers.
A man with an average life expectancy of 74.8 years might assume claiming at 62 is the smartest move. Doing so would yield about $215,600 in lifetime benefits.
If he waits until 65, the total drops to $204,500. By delaying until 70, the amount falls further to $143,800.
At first glance, this suggests taking benefits early is the best choice. But there’s a crucial factor that changes everything.
While 74.8 years is the average life expectancy at birth, those who make it to 62 typically live much longer—up to 83.6 years for men and 86.5 years for women.
This shift means the calculations tell a different story.
Also read: Discover these 9 hidden retirement havens where you can live safely—and affordably!
For someone living to 83.6, claiming at 62 would result in a total of $362,600 in benefits.
Waiting until 65 increases that number to $386,500.
But those who hold out until 70 could collect around $404,200 over their lifetime.
Many financial experts argue that most retirees should delay claiming Social Security.
Boston University economist Laurence Kotlikoff suggests retirement planning should prepare for a worst-case scenario—living to 100.
If that happens, waiting until 70 means securing the highest possible monthly benefit, which can provide crucial financial security in later years.
Also read: The ideal retirement destinations: Could this be your next haven?
Of course, waiting isn’t the right move for everyone.
Those facing immediate financial hardship or health issues may need to claim early.
The key is weighing personal factors before making a decision.
Read more: Protect your 401(k) savings—these hidden fees could drain your retirement funds
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