You should not claim Social Security benefits until you reach this milestone, regardless of your age

When you are ready to retire, you can maximize your Social Security income by knowing a magic number. It's not the number you might expect.

Social Security benefits can be claimed at age 62, as most people know. 

If you've done any financial planning for your retirement, you might also know that if you wait until 

You are 70 to claim benefits, the monthly benefit amount you can receive will be maximum.

If you need the income to live, waiting may not be a great idea. Once you reach the age of 62, 

You should claim Social Security benefits if you are able to avoid tapping into interest-earning investments

Too soon or selling stocks and other investments in a bear market.

Because Social Security's system equalizes lifetime benefits regardless of when you claim. 

Your money will be available sooner if you start claiming sooner. Nevertheless, if you wait until 70 to claim your benefits, 

You'll get more money in a shorter period of time to make up for those eight years you didn't collect. 

In order to qualify for Social Security benefits, you must have worked and paid into it for at least 35 years.

Social Security benefits are calculated as a percentage of your average wages over your 35 highest earning years.

Most people's salaries increase as they age and gain more experience in the workplace. 

Moreover, if you haven't worked 35 years, Social Security still calculates the average based on your salary 

And divides it by 35. The Social Security Administration will add your salaries from those 20 years and 

Then divide by 35 if you have only worked 20 years, which is 10 more than

The minimum required to collect Social Security. The other 15 years will be counted as earnings of zero.

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