Taking Benefits at 62? Three reasons this may make sense.
Age 62 is the earliest one can apply for Social Security retirement benefits, and data shows that most people do start them at or around that age. The literature is ripe with reasons to delay benefits, chief among them to get a higher monthly check for life. It’s worth noting that if you live to average life expectancy, then you will receive about the same amount in lifetime benefits no matter whether you start receiving benefits at age 62, full retirement age (66 or 67), age 70, or any age in between. In other words, it makes little to no difference when you start. But as Selena Maranjian writes in this piece, there are reasons to start benefits at age 62. It can help one retire early and also be part of a smart strategy with a spouse. Read full piece here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.