"The earliest age you can claim Social Security is 62. If you want your monthly benefits without a reduction, you'll need to wait until full retirement age (FRA) to sign up. FRA is 67 for people born in 1960 or later. You can also delay your Social Security claim beyond FRA. For each year you do, your benefits grow 8%, up until your 70th birthday."
"Dave Ramsey generally doesn't think claiming Social Security at age 70 is a good idea. Believe it or not, he's a fan of filing for benefits at age 62, despite the fact that doing so causes a permanent reduction on a monthly basis. Ramsey's logic is pretty simple: Social Security dies with you. The more months you're able to collect a benefit, the more money you might get out of the program. So it pays to start receiving that money as early in life as possible."
Social Security claim age determines monthly benefit size and affects total lifetime receipts. The earliest claim age is 62; full retirement age (FRA) is 67 for people born in 1960 or later. Claiming before FRA causes a permanent monthly reduction, while delaying past FRA increases benefits about 8% per year up to age 70. Waiting until 70 yields the maximum monthly payment. An alternative approach is to claim at 62 to maximize months of collection and invest those proceeds; that strategy can produce higher lifetime income if investments perform well. Without investing early benefits, claiming at 62 may not be advantageous.
Read at 24/7 Wall St.
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