Why Take Social Security at Age 62?
Provided you’re in good health and expect average longevity, most financial advisors will recommend waiting until you are 70 to claim Social Security. That’s because your benefits grow for each month you delay, earning an 8% bonus for each year past your full retirement age that you wait. And 8% guaranteed growth is pretty hard to beat when it comes to investing in your future. But, the realities of life sometimes get in the way, making it both necessary and prudent to claim benefits early, even as early as 62, when you first become eligible for benefits. This MarketWatch article by Howard Gold discusses those times when claiming Social Security at age 62 makes perfect and logical sense. Click here to read more.