Deciding when to claim Social Security shouldn’t be taken lightly
Sixty-two is the magical age that you first become eligible to claim your Social Security benefits, but in reality it’s just the starting point in an 8 year window of when you can apply. For those whose Social Security full retirement age is 67, claiming benefits at age 62 will mean a cut of about 30% in that monthly benefit payment, but waiting beyond age 67 could mean as much as 24% more. That’s why the decision on when to claim your benefits is not one to be taken lightly; rather you should very carefully consider your personal circumstances and retirement future in order to make the choice that is best for you. In this NerdWallet article by Dayana Yochim, the author describes the 5 primary factors you should take into account when deciding when to apply for Social Security. Click here to read more.