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An Argument in Support of Filing for Social Security at Age 62
“Conventional wisdom,” as espoused by many financial advisors, generally calls for waiting until age 70 to begin drawing one’s monthly benefit. Yes, the monthly payment will be larger, since the claimant has avoided the discount applied to early filers and has taken advantage of the deferred credits applied after full retirement age, but will it really maximize the total benefit available over a lifetime? Maybe, maybe not, depending on one’s lifespan. And, since early filing might help preserve other assets and allow them to grow for a longer period, the overall net benefit might favor not waiting to file. GoBaningRates’ Dawn Allcot, in a post on aol.com, provides background on this matter. Check it out here…
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