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Selecting the “Best” Claiming Age for Social Security Benefits - The Motley Fool
Sure, you can claim Social Security retirement benefits at age 62. In fact, nearly a quarter of all who become eligible at that age do just that. They may or may not understand the long-term consequences of that move, but it does provide an immediate infusion into their cash flow. Whether it’s the most strategically correct move for them, however, requires careful planning and consideration of several key factors.
A post on The Globe and Mail by The Motley Fool editorial staff explores this topic, stressing that “Choosing a Social Security claiming age is one of the most important retirement decisions you’ll make, and it will affect your monthly income for the rest of your life.” The post notes the attractiveness of the largest monthly benefit at age 70, but counters that with factors that skew the decision away from what most purely financial advice suggests.
So, if you’re at that decision point (or will be soon) and on the fence, check out this article for some guidance. Then, if you still have questions about how this decision affects you and any dependents you have, know that the AMAC Foundation offers a free-to-the-public Social Security Advisory Service with trained and accredited advisors available to help you understand. Learn more about this service and how to access it here…