Claiming Social Security isn’t a one-size-fits-all approach. What works for one retiree may be unwise for another. However, many soon-to-be retirees may want to maximize their monthly payments to optimize their finances after exiting the workforce.
Delaying claiming Social Security is often the best way to maximize payments. Americans can claim Social Security as young as 62, but they pay for that ability. For Americans born in 1960 or later, benefits will be reduced by roughly 30%, according to the Social Security Administration (SSA).
