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What's the best age to start getting payouts?

It depends on how long you'll live. Since none of us has that particular crystal ball handy, you'll have to assess the best age based on how long you think you'll be around. If you think you'll die relatively early - sorry, this gets morbid - you'll obviously want to start getting payouts as soon as possible (right at age 62). However, if your grandparents lived to 100 and you think you probably will too, your best strategy is to put off taking payments until you turn 70.

If you live past a certain break-even date, waiting to receive your full benefit amount provides more money in the long run than if you retire early and take the reduced payment. If you were to die before that break-even point, however, you would have been better off going with the early (albeit reduced) benefits. Check out the Social Security Administration's break-even calculator.

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