Are you thinking about claiming Social Security in the near future? If so, you may want to think about it carefully, considering your age and the potential benefits that you could get. A new report just came out with some experts saying people often do it too early.
Per the report, roughly 33 percent of women and 29 percent of men filed to get their benefits when they were 62 years old in 2017, the most recent year with complete statistics. That makes it the most popular age, and it is also the soonest that you're allowed to file. It makes sense. People are simply waiting for the first day that they can claim, and then they do it.
However, experts note that waiting until full retirement age will give you about 25 percent more money. That's when you're eligible for 100 percent benefits. At 62, while you can file, you just get about 75 percent. If you wait for a few years, it could make a drastic difference in your monthly payments.
Want to make an even bigger difference? Just keep waiting. Those who claim when they are 70 years old can get around 124 percent of the benefits that they would get at their retirement age. This is due to the "delayed retirement credits" that they acquire by waiting.
Naturally, every situation is unique. Some people need to file as soon as possible, while others can easily wait for eight years. The key is simply to remember that you do have options. Look into all of them as you start this process.