Why Do So Many Claim Social Security at 62?
Katie Brockman notes the most popular age to claim Social Security benefits as age 62, with 48% of women and 42% of men claiming at this age according to a report from the Center for Retirement Research at Boston College. But claiming at this age means permanently reduced benefits (up to 30%) for life. Waiting until age 70 generates the highest possible monthly benefit, though very few people choose to delay claiming benefits until 70, with only 4% of women and 2% of men choosing this option. Brockman lists the three most common reasons people choose the permanent reduction at 62– You need the money now; You don’t expect to spend decades in retirement; You’re ready to start enjoying retirement as soon as possible. Read the full article 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.
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