One of the biggest factors impacting your monthly Social Security benefit is when you decide to apply for benefits.
Most people become eligible for retirement benefits starting at age 62. But claiming as soon as possible will result in a much smaller monthly check than if you wait. That’s why many retirees wait until they reach their full retirement age, between the ages of 66 and 67 for most Americans. But that title is a bit of a misnomer because you can get an even bigger monthly benefit by waiting until age 70 to file.
The discrepancy between how much you can receive from Social Security at each age is amplified when you look at the maximum possible benefit. And if you aim to truly maximize your Social Security benefits for yourself and your family, there’s a clear winner for which age is best for most people.