Is There An Optimal Age for Turning on Your Social Security Benefits?
Is there a foolproof way to calculate it?
There is no "one best age" for everyone. It's a personal decision. Let's say that you decide to delay taking your benefit until age 70, but you are thrown from a ride at Disney World and killed at age 69. You will have then forfeited 7 years worth of available benefits. On the other hand, suppose you turn on your benefit at age 62 and then live to be 90 years old, you will end up receiving many thousands of dollars less over your lifetime. Since you probably don't know how long you're going to live, how in the world do you decide?