Statistics Say This Is the Best Age to Claim Social Security
There's one sure-fire way to know when to claim, but you will still have to settle for a best guess.
Overview
You can start collecting Social Security at age 62. Cashing in on all of the money you put into the system as soon as possible may sound enticing, but you won't receive the full benefit you would if you waited until your full retirement age. And if you wait until after your full retirement age, you will get more than your full benefit. It is a very complicated decision. Here are some things to think about before you claim, because there's no going back once you do.
The purpose of Social Security is important to consider before you decide when you want to claim your benefits. It is a social safety net intended to provide retirees with a basic level of income after they stop working. Essentially, it helps reduce poverty among older adults.
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Source
Originally published at www.fool.com.