What is the best age to start drawing Social Security?
Asked by: Ebony Boyle | Last update: October 13, 2025Score: 4.9/5 (19 votes)
What is the smartest age to collect Social Security?
You can start your retirement benefit at any point from age 62 up until age 70. Your benefit will be higher the longer you delay your start date. This adjustment is usually permanent. It sets the base for the benefits you'll get for the rest of your life.
Is it better to take Social Security at 62 or 67?
Key takeaways. If you claim Social Security at age 62, rather than wait until your full retirement age (FRA), you can expect a 30% reduction in monthly benefits. For every year you delay claiming Social Security past your FRA up to age 70, you get an 8% increase in your benefit.
What is the best age to take Social Security based on life expectancy?
65 is the most efficient age to get Social Security.
At what age do you get 100% of your Social Security benefits?
The full retirement age is 66 if you were born from 1943 to 1954. The full retirement age increases gradually if you were born from 1955 to 1960 until it reaches 67. For anyone born 1960 or later, full retirement benefits are payable at age 67.
What's the Best Age to Start Collecting Social Security?
How do I get the $16728 Social Security bonus?
Specifically, a rumored $16,728 bonus that had people wondering if it was true or not in 2024? Sadly, there's no real “bonus” that retirees who receive Social Security can collect.
At what age is Social Security no longer taxed?
Social Security income can be taxable no matter how old you are. It all depends on whether your total combined income exceeds a certain level set for your filing status. You may have heard that Social Security income is not taxed after age 70; this is false.
Why do smart people take Social Security at 62?
Key Takeaways
Taking Social Security at age 62 can make sense for retirees with health issues. If you're done working for good and do not expect to earn above the annual limit for Social Security earnings, taking benefits early can help cover living expenses.
When my husband dies, do I get his Social Security and mine?
You cannot claim your deceased spouse's benefits in addition to your own retirement benefits. Social Security only will pay one—survivor or retirement.
What does Suze Orman say about taking Social Security at 62?
Collecting at Age 62 or 70 Is Not an Either/Or Situation
“Each month you wait to claim increases your monthly amount for the rest of your life. If you can live off of your 401(k) or other retirement income for 6-12 months and wait to claim Social Security, you end up with a longer benefit for life.”
What is a good monthly retirement income?
The ideal monthly retirement income for a couple differs for everyone. It depends on your personal preferences, past accomplishments, and retirement plans. Some valuable perspective can be found in the 2022 US Census Bureau's median income for couples 65 and over: $76,490 annually or about $6,374 monthly.
How much money will I lose if I retire at 62 instead of 65?
A worker can choose to retire as early as age 62, but doing so may result in a reduction of as much as 30 percent. Starting to receive benefits after normal retirement age may result in larger benefits. With delayed retirement credits, a person can receive his or her largest benefit by retiring at age 70.
What is the #1 reason to take Social Security at 62?
It's possible your current living expenses may surpass your Social Security benefit amount, so you decide to take your benefits early because you can't wait for a larger payout later. Or, you're drowning in debt, and taking benefits now will help.
What is the best month to start Social Security?
You may request that your benefit begin in August with the first payment in September. By requesting that your benefit begin in your birthday month, you will receive the maximum possible monthly payment for the rest of your life.
Can I draw Social Security at 62 and still work full time?
You can get Social Security retirement benefits and work at the same time. However, if you are younger than full retirement age and make more than the yearly earnings limit, we will reduce your benefits. Starting with the month you reach full retirement age, we will not reduce your benefits no matter how much you earn.
Can two wives collect Social Security from one husband?
Each survivor benefit can be up to 100% of your benefit. The amount may be reduced if the women start benefits before their own full retirement age, but they don't have to share — the amount isn't reduced because you've had more than one spouse.
Who are the never beneficiaries of Social Security?
Ninety-five percent of never-beneficiaries are individuals whose earnings histories are insufficient to qualify for benefits. Late-arriving immigrants and infrequent workers comprise the vast majority of these insufficient earners.
How much does a wife get of her husband's Social Security if he dies?
Surviving spouse, any age, with a child younger than age 16, gets 75% of the worker's benefit amount. Child gets 75% of the worker's benefit amount. There's a limit to the benefits we can pay to you and other family members each month. The limit varies between 150% and 180% of the deceased worker's benefit amount.
Is taking Social Security at 62 a mistake?
You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits only when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.
What age do most people take Social Security?
Bottom line. While the average age for retired workers to take Social Security is 65, that doesn't mean it's the best option for you. You'll need to consider your own financial needs and circumstances.
Can you collect 1/2 of your spouse's Social Security and then your full amount?
You can't collect a spousal benefit if you're eligible for a retirement benefit of your own that's larger than your potential spousal-benefit entitlement; you can claim your own larger benefit or the spousal benefit, but not both.
At what age can I stop filing taxes?
At What Age Can You Stop Filing Taxes? Taxes aren't determined by age, so you will never age out of paying taxes. People who are 65 or older at the end of 2024 have to file a return for tax year 2024 (which is due in 2025) if their gross income is $16,550 or higher.
What are the changes coming to Social Security in 2025?
Social Security's earnings test limits also rose in 2025. This year, seniors who work and collect benefits will be able to earn more money without risking having a portion of their Social Security withheld.
Do seniors still get an extra tax deduction?
Taxpayers 65 and older qualify for an additional standard deduction, reducing their taxable income. The extra deduction amount differs based on filing status and whether the taxpayer or spouse is blind. The IRS updates the deduction amounts annually for inflation, impacting tax filings.