Social Security has been a huge source of financial support for Americans since it was first enacted back in 1935. Right now, you must be at least 62 years old to be eligible for benefits. From there, you can claim benefits at any time up until age 70, but the age you choose to start claiming them determines the amount you’ll receive each month.
Generally, it’s best to wait as long as possible to claim your Social Security benefits. That’s because the longer you wait, the more money you’ll receive. The Social Security Administration encourages this by offering incentives to those who wait to claim. Right now, Social Security benefits increase 8% per year until you reach 70. So, how can you support yourself in the meantime?
