Social security is a key part of many retirees’ retirement income. But when is the best age to start collecting those benefits?
There’s no one-size-fits-all answer to that question, as the best age to collect social security depends on your individual circumstances. However, there are a few things to keep in mind when making your decision.
For starters, the earlier you start collecting social security, the smaller your monthly payments will be. Conversely, you’ll get bigger monthly payments if you wait until you’re older to start collecting benefits.
Another thing to consider is how long you expect to live. If you think you’ll have a long life expectancy, it might make sense to wait as long as possible before starting to collect benefits since you’ll get bigger monthly payments overall.
However, if you don’t think you’ll live much longer than 10 or 15 years, it might be wise to start collecting benefits sooner rather than later. That’s because the longer you wait, the more money you’ll lose in total payments due to inflation.
Ultimately, it’s important to weigh all the factors involved and make a decision that’s right for you. But whichever age you choose, take advantage of all the other aspects of retirement planning – such as saving for retirement and investing in stocks and bonds – so that you can enjoy a comfortable retirement lifestyle.