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Is Claiming Social Security at 62 a Mistake? - NASDAQ
Age 62 is, indeed, the most popular age to collect Social Security. In fact, according to the agency about 35% of men and about 40% of women claim benefits as soon as they are eligible at age 62. But it turns out that claiming at age 62 is very often a big financial mistake, because the age 62 benefit amount is up to 30% less than the full amount available, and that translates into over $6,000 less in benefits every year for the rest of your life. So what is the best age? Well, the optimum claim age is different for everyone, but a good target is your full retirement age (FRA) which is when you get 100% of what you’ve earned from a lifetime of working. Nevertheless, it’s also true that claiming at 62 is sometimes the right choice, depending on your personal circumstances, as pointed out in this NASDAQ article by Katie Brockman.
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. Learn more about it here…