If you’re like most people, Social Security will be a significant portion of your retirement income, alongside the money you draw from your investments and any pension you may receive. As of June 2019, the average retired worker received a monthly benefit of $1,471 from the federal program.1
You may know Social Security typically kicks in as you retire. You have several options when it comes to actually claiming your benefit. You can start claiming as early as age 62; you can wait until full retirement age (between ages 66 and 67 depending on the year in which you were born); or you can delay your claim up until age 70.
If you claim early, your monthly benefit is lower than what it would be if you waited until full retirement age. If you delay your claim, your monthly benefit increases until you reach age 70. There are a number of factors you’ll want to consider as you decide when you want to claim Social Security. Here’s a look at six of the most common.