Should you collect Social Security at 62: Maybe

Your Social Security benefit is based on retirement at your Full Retirement Age (FRA), and if you retire early, you’ll find your Social Security benefit reduced by 5/9 of 1 percent per month before FRA and an additional 5/12 of 1 percent if you’ve claimed benefits more than 36 months before FRA. So if you decide to file for Social Security benefits at age 62, which is the first year you become eligible, your benefits will be reduced by as much as 30 percent. However, there are important reasons that you may decide to claim Social Security benefits at 62 despite the fact this means a smaller benefit. The article outlines five reasons to file for benefits at 62 instead of waiting. Read article here…

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