Here's the Average Social Security Benefit at Ages 62, 66, and 70
In recent years, about one-quarter of new retirees claimed Social Security at age 62, meaning they started as soon as possible. And another one-quarter claimed Social Security between ages 63 and 65. That means about half of new retirees started benefits before age 66.
Statistically speaking, the vast majority of those people are leaving money on the table. A recent study published by the National Bureau of Economic Research concluded that fewer than 1% of retirees maximize their lifetime income by claiming Social Security before age 66.
Of course, different people have different priorities and circumstances, so there's no universal best age to start Social Security. But future retirees should understand how claiming age factors into the equation. Read on to see the average retired worker benefit at ages 62, 66, and 70.
Source Fool.com
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