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A Case for Claiming Social Security at Age 62
We’ve all heard the advice…don’t file for benefits at age 62. Why? You’ll get more if you wait. That may or may not be true, depending on how your personal longevity compares to the actuarial assumptions used by the Social Security Administration to calculate early-filing reductions and deferred credits. In any event, the argument seems to be taking hold, since more and more folks are waiting beyond age 62 to file.
The Motley Fool’s Christy Bieber sees the whole argument differently, as explained in her post on their website. Her advice…and her personal plan…is to prepare for retirement life as if you will begin drawing Social Security benefits at age 62. Her logic is summed in this excerpt from her post, “By anticipating a lower income from Social Security, you’ll know how much more you need to save so your investments will give you enough to still maintain your standard of living in your golden years. If you get lucky enough to be able to work longer, save longer and delay claiming benefits, you’ll just have more money to enjoy life.”
Sage advice! Read her post here…
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