Frequently Asked Questions
It depends on health, other income, and longevity expectations. Claiming at 70 gives the highest monthly amount (124% of full benefit). Claiming at 62 gives lower payments but 8 more years of checks. The break-even point is typically around age 78-80.
SS benefit is based on your highest 35 years of indexed earnings. The SSA applies a formula with 'bend points' that replaces a higher percentage of lower earners' wages than higher earners'.