Best Deal for Social Security: Retire at 62, 67 or 70?

What’s the best age to start taking Social Security? This is a very good question!

You have the option to take retirement benefits as early as age 62. However, s0-called “full” retirement benefits are payable at age 67. And, if you or delay collecting your retirement benefit until age 70, it will be for a higher monthly amount.

It amounts to an 8% “raise” every year you wait after your full retirement age, which varies by birth year. There is no incentive to delay claiming after age 70.

While it might seem like a bad deal to start taking benefits early remember, those who do are likely to collect checks for longer.

The government doesn’t actually reward you for starting Social Security payments early, on-time or late. It’s the same total estimated payment regardless of the time-frame you choose.

Really, the million-dollar question is how long will you live, and do you want a reduced amount for more years or higher amounts for fewer years.

The chart below, from the Social Security Administration, breaks it down in detail.



Besides your likely longevity, what also matters is your financial needs, current health condition, and if you enjoy working or not.

The best thing you can do to help you answer this question is to hire a certified financial planner (CFP) to have them put together a custom financial plan based on your current assets, liabilities, as well as needs, wants, and wishes.

He or she will have you fill out a detailed questionnaire so that they can better understand how you live today and how you want to live in the future.

Most advisors today use financial planning software because it provides sophisticated solutions and smart assumptions to help advisors navigate the complex financial elements of their clients’ lives.

Getting help

The main focus of these programs is around:

  • Retirement planning
  • Tax planning
  • Retirement savings and income planning
  • Estate planning
  • Investment planning

To find a CFP near you, use the group’s official website. You can search by zip code. 

The CFP certification is the standard of excellence in financial planning. CFP professionals are required to meet rigorous education, training, and ethical standards, and are committed to serving their clients’ best interests today to prepare them for a more secure tomorrow.

If you don’t want to pay for professional help or feel that your needs are simple, you can visit the Social Security Administration directly and learn more about retirement planning and the benefit credits you have accumulated over the years.

In any case, it helps to have a clear, written projection of your benefits and to understand the advantages and disadvantages of different claiming ages.

Recommended Articles

FIRE Your Old Financial Life and Retire Early. Here’s How…

A Chicago flight attendant has hit the news for turning her financial life around. At 39, Bianca DiValerio was nearly broke after a divorce and the sale of several failing

Interview: Rates Will Stay Low, Uber ‘to the Moon’

Don't expect the Federal Reserve to even tap on the brakes anytime soon, says Bob Iaccino, editor of the Stock Think Tank. On Thursday, Fed Chairman Jerome threw cold water

3 Crucial Ways to Keep Your Brain Strong Well into Retirement

For people whose whole life has revolved around using their mind, retirement can be a bind. All of those degrees and awards, the presentation notes, the papers, the grand vision

self employed taxes

Help! I’m Self-Employed and My Taxes Are a Mess!

In the not-so-distant past, the word “gig” was used only to describe the work environment for musicians and comedians who would travel from city to city for performances for one

Your Chances of Seeing a Doctor When You Get Sick Are Falling Fast

New studies have emerged that point to a severe shortage of doctors and other vital health workers is on the horizon for the United States. The first report, conducted by the Association

Iaccino: I Took Profits On Bitcoin, but It Has Nowhere to Go But Up

Bitcoin's pull back from recent highs has not dissuaded Stock Think Tank editor Bob Iaccino from owning the cryptocurrency — but he has taken profits. Bitcoin climbed from below $20,000

Facebook Discloses Secret Rules On What Posts Get Blocked — and Why

Ever had a post on Facebook blocked — by Facebook? For the first time, the company is explaining why. The social media giant has now disclosed the once-secret rules on

Iaccino: Buy the Rumors, Sell the Facts On Biden Transition

Bob Iaccino, editor of the Stock Think Tank, says investors should prepare to "buy the rumor and sell the fact" when it comes to plans of the incoming administration of

financial checklist

12 Crucial Money Steps to Take Now for a Better Year Ahead

The beginning of a new year is an ideal time to reset your finances and work towards a more profitable and productive year. Here is a financial checklist with 12

A Simple Strategy to Live Longer by Quitting Work Yet Still ‘Working’

Some see early retirement as the kiss of death, but one study has shown this to be a myth. Retiring early can actually lengthen your life. A 2017 study published in the

deal on new car

Get a Great Deal On a New Car or Truck Using This Tactic

My lease was up on my 2018 vehicle. I was excited to go car shopping. However, what I realized as I ventured out was that the auto industry also has

Renting vs. Buying: What’s Best for Your Retirement?

A white picket fence surrounding a house with 2.4 children, a dog, a cat, a station wagon. This is the American dream. But owning your own home might not be