Should You Claim Social Security at 62? - Motley Fool
Actually, more people claim Social Security at age 62 than at any other age, despite the fact that most financial advisors will counsel you to wait longer to get a higher benefit. Indeed, most people (over 85%) already know that waiting longer to claim means a higher benefit, but still claim benefits before their full retirement age (FRA). Why? Well there are myriad reasons, probably the most prevalent of which is that it may simply feel right to claim as soon as possible after a lifetime of contributing. The smart beneficiary, however, will carefully evaluate their personal circumstances when deciding when to claim. If one of their personal goals is to fulfill their so-called “bucket list” and claiming at 62 allows them to do that, then age 62 may very well be exactly the right decision, as explained in this Motley Fool article by Maurie Backman.
But what isn’t mentioned in the article is that if you’re still working full time, you may not be able to collect Social Security at age 62 because of Social Security’s earnings test, which limits how much can be earned while collecting benefits before your full retirement age. It’s always best to check with an accredited Social Security Advisor when deciding when to claim.
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…