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In 1991, Social Security’s full retirement age (FRA) was 65, yet the average retirement age in the U.S. was 57. Today, FRA hovers around 67 with the average American retiring at 62.

According to North American Community Hub Statistics (NCHstats), a source of health data, there’s a gap between the expected age of retirement (67) and the actual age (62), often due to health issues, caregiving needs, and layoffs. In other words, despite the desire a person may have to maximize their Social Security benefits, life can get in the way.

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What is the perfect age to begin collecting Social Security?

Unfortunately, there is no one-size-fits-all answer. The best time for you to retire may differ significantly from the ideal time for a friend, coworker, or family member. What matters is when you’re ready to retire.

For example, suppose you’re the primary earner in your family, and you have a spouse and children who depend on you for financial support. If that’s the case, you may want to maximize the amount they’re eligible to collect in survivors benefits by waiting to retire at FRA or later. Survivors benefits entitle your dependents to continue receiving a percentage of the benefit you were collecting (or would have qualified for) at the time of your death. By retiring earlier, you reduce the amount your family will collect after your passing.

Meanwhile, someone with health complications may decide they want to file for Social Security much sooner. With a shorter life expectancy, they’re more likely to maximize what they get from the program with an early claim.

Discovering the right retirement age for you

The ideal age for you depends mainly on factors like your financial needs, health, and overall retirement goals. Here are a few more scenarios to consider.

• Early retirement: You can begin collecting benefits as early as 62, but the sooner you file, the smaller your benefit will be. However, if you need the income to actually retire, 62 may be right for you.
• Full retirement age (between 66 and 67): Waiting until this age allows you to receive your full benefit. If you retire before this point, you’ll need to rely exclusively on your retirement savings to cover your expenses for a few years. For many people, waiting until FRA may be just right.
• Delayed retirement: If you can put off claiming benefits until age 70, you’ll receive the maximum amount possible based on your work history. This could be the right move if you had a late start saving for retirement, live in a high-cost-of-living area, or want to hold onto more of your savings in order to pass it down to your heirs.

Questions to ask yourself

If you’re not quite sure when you would like to retire, here are five questions that can help you get a sense of your best move.

1. When am I eligible for Medicare coverage? Medicare eligibility begins at age 65. If you’re considering retirement before that, make sure you have another dependable source of health insurance.
2. What do I enjoy most in life? Let’s say you love to travel or treat the grandchildren to special activities. Those things cost money, so you must ensure your post-retirement income is adequate.
3. Do I have a plan for life after retirement? If your job is what you love and you don’t have a clear idea of what you would do as a retiree, it’s a good sign that you can wait.
4. Would a trial retirement work for me? If you’re still unsure of when (or if) you want to retire, find out if your employer will allow you to transition to a part-time schedule or go on sabbatical to try it out.
5. Do I simply want to leave my current job? If so, you may want to “semi-retire” by leaving your current job and taking on a new one. Depending on your age, the Social Security Administration may hold back a portion of your monthly benefits (although you’ll get them back after reaching FRA), but you’ll still have the chance to try something new.

Some people live for the day they can retire, while others can’t imagine what they would do with themselves. Whichever camp you fall into, it’s essential to have a plan and understand when retirement is a realistic option.