Latest News
Reasons not to claim Social Security at 62 - The Globe and Mail
Although you have an 8 year window to claim those Social Security benefits you’ve worked your whole life for, age 62 is the age at which the most people claim. Understandable, since most have worked for decades contributing to a program that many know is struggling financially. But looking at it from a strictly independent position, claiming at 62 has some pretty severe financial consequences. For one thing, monthly benefits taken at 62 will be about 30% less than they would be at age 67 (the full retirement age for most applying these days). For another, it means that if you should die before your spouse, it is likely that your decision to claim early will affect your surviving spouse’s benefit amount. Point is, it just makes good sense to consider carefully when to claim Social Security, because it is a consequential decision, as explained the Motley Fool article published at The Globe and Mail.
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…