Maximizing Social Security Benefits: Age 67 vs. Early Claiming

The average monthly Social Security benefit at age 67 is $1,844.83, which is nearly 45% higher than the average benefit at age 62. Age 67 is becoming a popular claiming age for future retirees, as it represents the full retirement age for most workers and ensures no reduction in monthly payouts. However, waiting until age 70 to claim Social Security benefits can generate the highest lifetime income, according to a study. It's important for retirees to understand the factors that determine their benefit amount and make an informed decision about when to start receiving their Social Security check.