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Claiming SS at 62 vs. Waiting Longer - Globe and Mail
Age 62 is the most popular age at which to claim Social Security benefits but, as explained in this article at The Globe and Mail, claiming at age 62 also means getting a much smaller benefit for the rest of your life. To explain, the article cites an example of someone who is entitled to a full retirement age benefit of $1000 per month, and who instead claims at age 62, will see their monthly benefit reduced to about $750 (depending on the year they were born. Fact is, benefits taken at full retirement age are about 24% to 32% more than those taken at age 62, and benefits taken at age 70 are about 76% more than the person’s age 62 benefit amount. Looked at over a lifetime, those reductions add up to a lot. Fact is, deciding when to claim SS requires evaluating your financial need, your life expectancy, your marital status and your plans for working, as described in this Globe and Mail article.
Social Security is a complex topic. If you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security or enrollment in Medicare, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of these programs. All questions are answered quickly, at no charge. Learn more about it here…