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“Influential Money Expert” Advocates Claiming Benefits at Age 62

Many of the posts we shared on this website through the years deal with the persistent question of which age is the best for claiming benefits. Most analyses focus on the simple math, and that says the longer you defer claiming benefits (up to age 70), the higher your monthly benefit will be. Whether that translates to getting the most you can out of the benefits available on your work record is a different question, and it depends on longevity. For those wrestling with the decision at age 62, we typically suggest they consider many factors, like their health, family’s health history, their financial situation, and so on.

It can be a tough decision, but financial author David Bach puts a simple spin on it by saying, in effect, don’t worry, just take it while it’s available. Unfortunately, his reasoning is based in part on the assumption that full depletion of Social Security’s financial reserves less than a decade from now will occur, something that most economists agree is unlikely. He also bases his conclusion on the amount of time it takes to recoup the benefits not taken early, something else that equates to longevity.

GoBankingRates’ Vance Cariaga, in a post on their website, examines Bach’s logic in advocating for early benefit claiming. Check it out here.

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