The age you choose to apply for social benefits will directly affect how much you get paid each month.
The age you choose may also be what works for you, but not what works for someone else.
There are three major ages people choose to retire in.
Why people choose age 62, 67 or 70 to retire and demand social security
Requirements at the age of 62
Age 62 is the youngest you can claim your social benefits.
If you have little or no income, it may be wise to simply claim it early.
If you are in poor health and do not expect to reach 67, then retirement may be the best option.
The problem with this is that you will lose up to 30% of your monthly benefits to claim earlier than your full retirement age.
Requirements at the age of 67
Age 66-67 is the average full retirement age for Americans.
This age gives you 100% of your full pension benefit.
By waiting from 62 to your FRA, you will see a larger payment each month.
Requirements at the age of 70
Age 70 is the latest you can claim benefits before they stop growing.
By waiting for 70 years, you earn credits for delaying your benefits.
For each year between your FRA and 70, you can see up to 8% more.
If you are in good health and waiting for this point, you will see the greatest possible benefit.