Determining when to claim Social Security benefits as you approach retirement is one of the most important and complex financial decisions of your life. A new study reveals that over 90% of Americans claim benefits at the wrong time, costing their families more than $100,000 in lost wealth. Below, we discuss how to make the right claiming decision and avoid this tragic result.

Key Ages For Claiming Benefits

Most doctors will qualify for the maximum Social Security benefits when they retire, since they’ve paid in the maximum Social Security payroll taxes each year during their career. In 2023, the maximum Social Security benefit is $3,627/month for doctors claiming at Full Retirement Age (FRA), which is currently 66 years and six months in 2023, and will gradually rise to age 67 for those doctors born in 1960 or later.

Doctors have the option to begin taking Social Security benefits as early as age 62, but if they do, the maximum benefit is reduced to only