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Claim Social Security at age 62? Or 67? - Yahoo! Finance
Deciding when to claim your Social Security benefits is often a confusing choice, which tends to make many just claim as soon as they become eligible at age 62. But what do you forfeit by claiming at age 62, versus waiting until your full retirement age (FRA)? Well, turns out, you will take a fairly substantial financial hit by claiming earlier, as explained in this article by Motley Fool’s Christy Bieber at Yahoo! Finance. If your FRA is 67, at age 62 you will only get 70% of what your benefit would be by waiting until your FRA. And that may result in a serious loss of lifetime benefits. Of course, there are also very valid reasons to claim at 62, but what’s important is to fully understand your claiming options, including how much you will receive at various ages. Click here to read the Yahoo! Finance article.
Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of this program. All questions are answered quickly, at no charge. Learn more about it here…
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.