Reported 6 months ago
Around half of households with someone age 65 or older receive 50% or more of their total income from Social Security, making it crucial to maximize benefits. Earnings and the age at which benefits are claimed are key factors. By earning above the taxable earnings cap consistently for 35 years, retirees can qualify for the maximum possible benefit. Claiming at 62, 66, or 70 results in varying monthly benefits, with significant differences seen. Delaying benefits until age 70 can lead to a 77% increase in the benefit amount compared to claiming at 62, making it a valuable choice for many retirees seeking to optimize Social Security income.
Source: YAHOO