Claiming Social Security at 65? You May Need to Rethink That
Many people begin their retirement planning by assuming that they'll retire at age 65. But that's not the best option for everyone.
Even though it shouldn't be, Social Security is the most important source of income for many retirees, and the level of that income can change drastically depending on the age that they start claiming benefits. As retirement planning gets more involved, the assumptions change and potential retirees need to make sure they consider all the options and understand the ramifications of when they retire before setting things in motion.
The amount of your monthly Social Security benefit is based on lifetime earnings, cost of living changes, and the age at which you start receiving benefits. The earlier you turn on the Social Security income stream, the smaller your monthly checks will be. The later you wait to start, the larger the monthly check.
Source Fool.com
