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The No. 1 Reason to Claim Social Security at Age 62
Deciding on an age to begin taking Social Security is one of the most important choices retirees will need to make. Your claiming age will affect your monthly income for the rest of your life, so it's not a decision to be made lightly.The longer you wait to begin taking benefits, the more you'll receive each month. Filing at your full retirement age -- which is age 67 for everyone born in 1960 or later -- will earn you up to 30% more than what you'd receive by filing at 62. Delay benefits up to age 70, and you'll earn an additional 24% to 32% on top of your full benefit.That can be a major incentive for many people to delay claiming. However, claiming as early as possible at 62 can sometimes be safer than waiting. Here's why.Continue reading
Deciding on an age to begin taking Social Security is one of the most important choices retirees will need to make. Your claiming age will affect your monthly income for the rest of your life, so it's not a decision to be made lightly.
The longer you wait to begin taking benefits, the more you'll receive each month. Filing at your full retirement age -- which is age 67 for everyone born in 1960 or later -- will earn you up to 30% more than what you'd receive by filing at 62. Delay benefits up to age 70, and you'll earn an additional 24% to 32% on top of your full benefit.
That can be a major incentive for many people to delay claiming. However, claiming as early as possible at 62 can sometimes be safer than waiting. Here's why.
