According to an article from CNBC, the best way to determine the optimal age to claim your Social Security benefits is by calculating when you would break even. The break even point is when the amount you receive if you claim later equals the amount you would have received if you had started early. Generally, the age range when an individual would break even is 77 to 83-years-old.
Covisum President, Joe Elsasser, CFP®, was interviewed for this article and offered this advice.
"When calculating a break-even point, you need to account for what you could have earned if you had taken the money earlier and invested it."
You can read the whole article about the best time to claim Social Security benefits here.