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More Thoughts on Filing for Social Security at 62–The Downside
As we’ve noted several times, age 62 remains the most frequent starting point for Social Security benefits. While there are many reasons why that decision is made by so many folks, there are some downside aspects of not waiting to file. Freelance journalist Donna Freedman, writing for moneytalksnews.com, cites a series of seven key “…reasons that claiming sooner than later can be a bad idea.” From the obvious lower monthly benefit to the more subtle tax implications (she refers to the potential “tax torpedo”) to the fact that some folks really like to remain in a workforce position where they’re comfortable, she cites some key points that should be at least considered when making this decision. Her post concludes with an invitation to participate in a quiz to assess one’s financial readiness to retire. Access the post here…