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Claim benefits at 62? Or wait?
Sure, 62 is the age at which you become eligible for Social Security, but taking benefits at that age will mean that you’ll get between 25% and 30% less than you would get by waiting until you reach your “full retirement age” to claim. Your full retirement age for Social Security purposes is 66, 67 or somewhere in between, and claiming benefits before that means your benefit will be reduced for the rest of your life. In this article by Liz Weston appearing in The Oregonian, the author analyzes a question from a reader whose financial advisor has recommended claiming Social Security at age 62 despite the fact the couple is fairly well positioned financially for retirement. Reality is that the longer you wait to claim benefits the more your benefit will be (up to age 70), as explained within the article. Click here to read more.
Also, if you’re unsure about your individual situation under Social Security or have questions about your personal benefit entitlements, note that the AMAC Foundation provides an independent free-to-the-public Social Security Advisory service to help Americans navigate the complexities of this program. Learn more about it here…