2 Little-Known Social Security Rules Could Get Some Retirees Bigger Benefits
Social Security is the cornerstone of many Americans' retirement plans. 59% of retirees say their monthly benefits check is a major source of income, according to an annual Gallup poll. As such, getting the most out of the program is extremely important for the majority of seniors.
But that's easier said than done. While all the statistics point to delaying benefits as long as possible in order to maximize your lifetime income from Social Security, very few seniors actually do so. Less than 10% of new Social Security claims went to people age 70 or older in 2022, according to the most recent data available. Meanwhile, the most popular claiming age is 62, the year most people become eligible for retirement benefits.
There are certainly instances in which it makes sense to claim as early as age 62. If you have a health issue shortening your expected lifespan, for example, it may make sense to claim early. Additionally, if you need supplemental income to provide for your basic needs, it can make sense to claim early. But most people will be better off waiting to claim their benefits.
Source Fool.com
