The Case for Claiming Social Security at 62
When to claim your Social Security benefit is on the minds of almost everyone approaching their 60s, and many know that age 62 is when you can first apply. But whether that’s a wise move or not, considering that your benefit will be much smaller at that age, is debatable. This Motley Fool article by Maurie Backman enters that debate by suggesting a top reason for claiming Social Security at age 62 - emphasizing that life expectancy is a crucial factor. But another factor the article doesn’t mention is that Social Security’s “earnings test” applies whenever benefits are taken before full retirement age, so readers should be cautious that applying at age 62 isn’t a good choice if you are still working full time. Click here to read the Motley Fool article about claiming Social Security at age 62.
Also, if you’re unsure about your individual situation under Social Security or have questions about your personal benefit entitlements, note that the AMAC Foundation provides an independent free-to-the-public Social Security Advisory service to help Americans navigate the complexities of this program. Learn more about it here…
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