Statistics Say: This Is the Best Age to Claim Social Security

From what the evidence shows, Arguably the biggest decision retirees will make when it comes to Social Security is when to claim benefits

Due to the nuances of the gram, the large majority of retirees will claim Social Security some time between 62 and 70 years of age

Of course, there are advantages and drawbacks, regardless of what age a retiree claims

Retirees who claim at 62, for example, could see their benefits shrink significantly

Meanwhile, retirees who wait until 70 maximize their monthly Social Security income but must wait eight additional years to begin collecting benefits

While it's a complex topic, statistics say this is the best age to claim benefits

What the studies say Several studies have been conducted over the years to figure out the best age to claim Social Security, amid market uncertainty

At the same time, And keep in mind the Social Security Administration (SSA) adjusts your monthly check based on the age you claim with the intention of viding all gram beneficiaries apximately the same amount in lifetime benefits, regardless of when they claim, based on average life expectancy

However, the average is not representative of each individual, which helps explain why recent studies tend to a similar recommendation (remarkable data)

Image source: Getty Images (this bears monitoring)

Optimizing would duce a 10. 4 percent increase in typical workers' lifetime spending

On the other hand, Moreover, For one in four, the lifetime spending gain exceeds 17 percent, amid market uncertainty

For one in ten, the gain exceeds 26 percent

Among the poorest fifth of 45 to 62 year olds, the median lifetime spending increase is 15 (something worth watching). 9 percent, with one in four gaining more than 27

What actually happens While the two studies above indicate that waiting longer results in a higher lifetime benefit, actual data shows more people in recent years have claimed Social Security at age 62

Now, it's possible that more people have simply been turning 62 in recent years, potentially skewing the data, given the current landscape

Meanwhile, There's also a way to game it out (this bears monitoring)

However, The SSA has a fairly basic life expectancy calculator

Moreover, It also allows you to look at average benefit amounts at various ages to calculate total lifetime benefits, depending on the age when one claims (an important development)

For a 70 year old born at the same time, the life expectancy is 85

This might be a very simple example, but it does highlight why studies are suggesting retirees wait instead of claiming as soon as possible

What the statistics say isn't always the right answer for you Before you take that recommendation and assume it's the optimal choice for you, keep in mind that maximizing your lifetime benefit is just one piece of the puzzle (quite telling)

At the end of the day, the right age to claim benefits depends on many other factors, including your health, other sources of income, lifestyle during retirement, and coordination with your spouse

By looking at your personal situation holistically, you can be confident in your decision when you do claim Social Security

On the other hand, Additionally, The Author Bram Berkowitz is a contributing Motley Fool Stock Market Analyst covering stocks across financials, and consumer goods, as well as macroeconomic trends

Prior to The Motley Fool, Bram worked in equity re on a team covering bank stocks and as a reporter for several local publications, considering recent developments

He currently holds FINRA's Series 7 and 66 licenses

He holds a B (this bears monitoring)

In and Advertising and a minor in Economics from Syracuse University

Nevertheless, TMFBram X @BramBerko The Motley Fool has a disclosure policy.