Best Time To Begin Social Security Payments?

July 14, 2015

Best time to begin Social Security Payments?

Full retirement age for people born between 1943-1954 is 66 years old.  We are often asked the benefit amount by retiring at various ages. Assuming a monthly benefit of $2,000 at full retirement age, the following benefits would be paid to you when you are first eligible for benefits at age 62 and by waiting to age 70 for the maximum benefit:

Age 62 $1,500 (earliest retirement age)

Age 70 $2,640 (highest retirement benefit)