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Why Smart People Take Social Security Benefits Early
Most self-described retirement experts will advise you to wait as long as possible before applying for Social Security benefits. But I’m here to tell you why this might be wrong. The argument in favor of waiting goes something like this: By holding out until full retirement at age 66, if not longer, you increase the chances of maximizing your cumulative lifetime benefits. This follows from the fact that the size of your monthly checks is determined in part by when you apply for Social Security. If you apply at age 62, which is the earliest allowed, then your benefits will be 25% lower than your primary insurance amount – that is, the amount you’re entitled to upon reaching full retirement…Read More
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