People can start benefits as early as age 62, but monthly payments increase the longer a person delays, up to age 70. One study found that 57% of retirees would build more wealth over their lifetimes by waiting until they reach age 70 to start collecting their Social Security benefits. But in reality, most people claim sooner because they need the money. To estimate life expectancy, benefits, and other factors to help you to determine when to start collecting Social Security benefits, got to SSA.gov/planners.
By Feldman Law
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