What's the best age to start getting payouts?
- How does Social Security work?
- Does Social Security cover retirees only?
- How does my work now equal benefits later?
- Am I eligible for Social Security benefits?
- How do I know I'm getting credit for the years I worked?
- What about my eligibility for Medicare benefits?
- When can I start getting payouts?
- Why should I wait past age 62 to start collecting?
- How much will my payouts be if I collect at 62?
- How much will my payments be if I wait until age 70?
- Can I start collecting benefits if I'm still working?
- What's the best age to start getting payouts?
- How big will my payouts be?
- What if I want to work part-time in retirement?
- Will my spouse and kids receive benefits when I die?
- How do Social Security disability payments work?
- Will I get taxed on my Social Security payouts?
- Will Social Security still exist when I retire?
- How does Social Security fit into my retirement plan?
It depends on how long you'll live. Since none of us has that particular crystal ball handy, you'll have to assess the best age based on how long you think you'll be around. If you think you'll die relatively early - sorry, this gets morbid - you'll obviously want to start getting payouts as soon as possible (right at age 62). However, if your grandparents lived to 100 and you think you probably will too, your best strategy is to put off taking payments until you turn 70.
If you live past a certain break-even date, waiting to receive your full benefit amount provides more money in the long run than if you retire early and take the reduced payment. If you were to die before that break-even point, however, you would have been better off going with the early (albeit reduced) benefits. Check out the Social Security Administration's break-even calculator.
