Is it better to take Social Security at 67 or 70?

It's generally better to wait until 70 for the maximum permanent monthly benefit, as you earn significant Delayed Retirement Credits (DRCs), but the best age (67, 70, or something in between) depends on your health, finances, and life expectancy; 70 offers the highest payout for long lives, while 67 (Full Retirement Age) provides a strong, inflation-adjusted income, with waiting past 70 yielding no extra benefits but potentially providing income sooner if needed.

What is the smartest age to collect Social Security?

The best age to take Social Security depends on your situation, but for most people, delaying until age 70 maximizes benefits, as your monthly payment grows significantly until then. Claiming as early as 62 reduces payments, while waiting past your Full Retirement Age (FRA) up to 70 increases them by about 8% per year. While age 70 is often optimal for lifetime wealth, claiming earlier (like at FRA) might suit those needing income sooner or with health issues. 

What does Suze Orman say about when to take Social Security?

Suze Orman strongly advises delaying Social Security until age 70 to maximize your monthly benefit, explaining that waiting provides a significantly higher, inflation-adjusted payout for the rest of your life, making it the best financial move if you're in good health and can cover expenses by tapping other savings or working longer. She emphasizes that waiting until 70 gives you over 75% more than claiming at 62 and helps secure your finances for a longer retirement, with the main exception being if you have serious health issues or a lower-earning spouse needs to claim sooner. 

Can you collect full Social Security at 67 and still work full time?

Yes, you can collect Social Security at 67 and work full-time; once you reach your Full Retirement Age (FRA, which is 67 for most people), there's no limit to how much you can earn, and your benefits won't be reduced, as shown in this SSA FAQ. Working past FRA can even increase your future benefits because the Social Security Administration (SSA) automatically recalculates your record to give you credit for years with higher earnings. 

What is the current maximum Social Security benefit at age 67?

The highest Social Security payment at age 67 (Full Retirement Age) is around $4,152 per month for 2026, a slight increase from the 2025 maximum of $4,018, but this depends on earning the maximum taxable amount for decades and claiming at the right time; claiming at age 70 yields even more, while claiming at 62 yields less, with the exact number set by your earnings history and the year you claim, adjusted annually for Cost-of-Living Adjustments (COLA). 

Should I Claim Social Security at Age 67 or 70? 3 Cases Age 67 May Be Better!

At what age can you earn unlimited income on Social Security?

later, then your full retirement age for retirement insurance benefits is 67. If you work, and are at full retirement age or older, you may keep all of your benefits, no matter how much you earn.

How many people have $500,000 in their retirement account?

While averages can be misleading, roughly 7-9% of Americans have $500,000 or more in retirement savings, though this varies significantly by age, with older groups having higher balances but still often falling short of ideal figures, and medians (the middle value) being much lower than averages. For example, in late 2025, about 7.2% of Americans had $500K+, while in 2022, 9% of households had over $500K in retirement accounts, notes USAFacts. 

What is one of the biggest mistakes people make regarding Social Security?

One of the biggest mistakes people make with Social Security is claiming benefits too early (at age 62) without understanding the permanent reduction, which significantly lowers their monthly income for life, instead of waiting until their Full Retirement Age (FRA) or even age 70, where benefits grow substantially. Many also fail to consider how their decision impacts spousal or survivor benefits, missing out on thousands of dollars in potential lifetime income. 

How much do you have to make to get $3,000 a month in Social Security?

To get around $3,000 a month in Social Security, you generally need high lifetime earnings, often requiring over $100,000 annually for your 35 highest-earning, inflation-adjusted years, and claiming benefits at your full retirement age (FRA) or waiting until age 70 for the maximum, though some high earners claim earlier for slightly less. The Social Security Administration (SSA) calculates benefits based on your Average Indexed Monthly Earnings (AIME) from your top 35 years, so consistently earning above the wage base cap helps significantly. 

What is the best age to retire?

“Most studies suggest that people who retire between the ages of 64 and 66 often strike a balance between good physical health and having the freedom to enjoy retirement,” she says. “This period generally comes before the sharp rise in health issues which people see in their late 70s.

What is the $1000 a month rule for retirement?

The $1,000 a month retirement rule is a guideline suggesting you need $240,000 saved for every $1,000 in monthly income you want from your investments in retirement, based on a 5% annual withdrawal rate (which yields $12,000/year or $1,000/month). Popularized by financial planner Wes Moss, it helps estimate savings goals but doesn't account for inflation, healthcare, or other income like Social Security, making it a useful starting point but needing adjustment for real-life planning. 

What does Dave Ramsey say about taking Social Security?

Dave Ramsey cautions on Social Security dependence

But Ramsey said, "These 35% of folks are going to learn the hard way that what they don't know can and definitely will hurt them when they retire." Ramsey insists that relying too heavily on Social Security for retirement income is a dangerous move.

What are the biggest financial mistakes that retirees make?

The top ten financial mistakes most people make after retirement are:

• 1) Not Changing Lifestyle After Retirement. ...
• 2) Failing to Move to More Conservative Investments. ...
• 3) Applying for Social Security Too Early. ...
• 4) Spending Too Much Money Too Soon. ...
• 5) Failure To Be Aware Of Frauds and Scams. ...
• 6) Cashing Out Pension Too Soon.

How many people have $1,000,000 in retirement savings?

A small percentage of Americans have $1 million in retirement savings, with estimates varying slightly but generally falling between 2.5% to 4.7% of all households, according to Federal Reserve data analyzed by various sources, with older age groups (like 55-64) having higher rates (around 9.2%). While specific total numbers fluctuate with market conditions, this highlights that a seven-figure nest egg remains uncommon, with many households having little or no dedicated retirement savings. 

Should I draw Social Security at 67?

If you start benefits earlier than age 67, these percentages would be lower. After age 67 they'd be higher. Most financial advisers say you will need about 80% of pre-retirement income to live comfortably in retirement, which includes your Social Security benefits, investments, and other personal savings.

How much money can I earn monthly without affecting my Social Security?

Starting with the month you reach full retirement age, there is no limit on how much you can earn and still receive your benefits.

What are the changes coming to Social Security in 2026?

After several years of above-average cost-of-living adjustments for Social Security, beneficiaries will receive a slight increase in the cost-of-living allowance (COLA) in 2026 based on the current inflation environment. Recipients will get a 2.8% raise, which is higher than the 2.5% increase last year.

Why will some Social Security recipients get two checks in December?

Some Social Security recipients get two checks in December because it's for Supplemental Security Income (SSI) (not regular Social Security), and the January payment is moved to late December since January 1st is a holiday, causing two payments to land in the same month. This isn't a bonus but a calendar adjustment where the first payment covers December's benefits (often with the COLA increase) and the second is January's payment issued early, according to the Social Security Administration (SSA) payment schedule. 

What is the number one regret of retirees?

The #1 regret of retirees often centers on not saving enough, leading to financial insecurity, but closely followed by not planning adequately for the lifestyle and time use, resulting in missed opportunities like travel or spending time with family, and regretting working too hard or leaving the workforce too soon. Many wish they'd worried less and enjoyed life more, while also regretting issues like underestimating healthcare costs and failing to plan for taxes or a fulfilling post-work identity. 

What does Warren Buffett say about Social Security?

Buffett suggests a slight boost in Social Security payroll taxes, saying even a modest hike would generate additional funds over time. In addition, a small tax hike would help secure the program's financial stability without unfairly burdening workers or employers.

What are the four ways you can lose your Social Security?

You can lose Social Security benefits primarily through garnishment for federal debts, incarceration, exceeding earnings limits while collecting early, or changes in marital/living status (for spousal/survivor benefits). Other factors include medical improvement for disability, errors in earnings records, or certain fraud, but the most common "loss" is a temporary reduction or suspension, not permanent loss, notes.
 

What is a good monthly retirement income?

A good monthly retirement income typically replaces 70-80% of your pre-retirement earnings, aiming for $4,000-$8,000+ monthly, but it's highly personal, depending on lifestyle, location, healthcare needs, and other expenses like mortgages or travel. Common targets range from basic needs ($4k-$6k/month) to comfortable ($6k-$8k+) or luxurious ($15k+/month), with average US retirees often spending around $5,000/month, though median income is lower, notes U.S. Bureau of Labor Statistics and Census Bureau. 

Can I live off the interest of $500,000?

Yes, you can live off the interest of $500,000, but it depends heavily on your lifestyle, location, and investment strategy, with the 4% rule suggests you might get about $20,000/year, while higher-risk investments could yield $25,000-$45,000+ annually, but this often isn't enough for comfortable living in most US areas without supplementing with Social Security or other income. A lean, low-cost lifestyle with paid-off housing, low medical expenses, and potentially Social Security can make it work, but higher spending or inflation makes it challenging. 

How much does the average 75 year old have in savings?

Numbers from the Federal Reserve's 2022 Survey of Consumer Finances suggest they are. The average remaining retirement savings for the 75-and-up crowd at that time was $462,410.