Social Security: Data Shows This Is Hands-Down the Best Age to Take Benefits -- but There's a Big Catch

Social Security can make or break retirement for millions of older adults, and the age you file for benefits is one of the most important decisions affecting the size of your checks.Filing at your full retirement age will earn you 100% of your benefit based on your work history. By claiming as early as possible at 62, your monthly payment will be permanently reduced by up to 30%, while delaying until 70 will result in a bonus of at least 24% on top of your full benefit.There are many factors to consider when deciding on a claiming age. While there's no single best choice for all situations, research suggests that when it comes to finances, claiming at one particular age could boost your lifetime income by hundreds of thousands of dollars.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool