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Age 70 Identified as Optimal Age for Claiming Social Security to Maximize Lifetime Income

Research reveals that claiming Social Security at age 70 can significantly boost retirees' lifetime income, despite the majority opting for earlier claims.

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Overview

  • Research indicates that for most retirees, waiting until age 70 to claim Social Security maximizes lifetime income, potentially adding over $100,000.
  • Only 4% of retirees claim Social Security at age 70, yet 57% would benefit from doing so, according to recent studies.
  • Claiming Social Security before age 64 is considered sub-optimal, with over 70% of retirees making this choice.
  • The average Social Security payment for 65-year-olds in 2024 is $1,505, highlighting the financial impact of claiming age.
  • Experts recommend saving 15% of income throughout one's career to supplement Social Security and maintain living standards in retirement.