While the traditional retirement age to start claiming Social Security benefits in the United States has often been cited as 70, to maximize monthly benefits, researchers have indicated that there is a “next best” age for those who can’t or don’t want to wait that long. According to experts, that age is 66 or 67 for many individuals, depending on their birth year.

Those born between 1943 and 1954 reach their full retirement age (FRA) at 66. For those born in 1960 and later, the FRA is 67. Claiming Social Security at your full retirement age ensures that you receive 100% of your earned benefit. While one can claim benefits as early as age 62, doing so would result in permanently reduced monthly payments.

According to research by The Motley Fool and other financial analysts, claiming at FRA rather than waiting until age 70 can make sense for several reasons. If individuals are not in the best health or have reasons to believe they won’t live into their late 80s or beyond, taking Social Security at FRA could provide more cumulative benefits over their lifetime. It is also beneficial for those who need income replacement sooner due to retirement from the workforce.

By starting benefits at FRA, retirees also get a cushion of a few years before Medicare coverage begins at age 65 (for those born after 1937), potentially reducing out-of-pocket healthcare costs. These years can be used to bridge income gaps with somewhat larger Social Security checks than if one were to retire early at 62.

Furthermore, psychological and lifestyle factors might influence the decision. The peace of mind from receiving steady income might outweigh the potential financial gains of waiting until the age of 70.

It’s important to note that while taking Social Security before age 70 reduces your monthly benefit amount, for each year beyond your FRA up to age 70 that you delay claiming benefits, your benefit increases by about 8%. This delayed retirement credit can result in significantly higher lifetime earnings for those living well into their older years.

For many individuals considering when to start their Social Security benefits, consulting with a financial advisor or using online tools provided by The Motley Fool and other investment advisories can be valuable. Assessing individual circumstances such as health status, life expectancy, financial needs and market conditions are crucial factors in making this important decision.

So while waiting until 70 may be the optimal choice financially speaking, if you’re looking for the “next best” age according to researchers — particularly if you can’t or prefer not to wait until then — consider claiming your Social Security benefits at your full retirement age: either 66 or 67.