Why start collecting at age 70?
United Income researchers ran over 2,000 simulations on American households to discover the best age for claiming benefits on Social Security. Their result was also 70 years old, along with the following information:
- “On average, if all retiree households were to have selected the optimal claiming age (70), they’d have had… about $110,546 per household… or an average of $3,400 a year in extra income.”
- “Most retirees will lose wealth in their 60s and early 70s if they choose to optimize Social Security, but will be wealthier in their late 70s through the rest of their lives.”
- “Elderly poverty could be cut by nearly 50% if all retirees claimed Social Security at the financially optimal time.”
