Claiming Social Security at 62 Will Shrink Your Benefits. Here's Why You Should Do It Anyway.
There's a reason age 62 has long been a popular age to sign up for Social Security: It's the soonest age you can take benefits. And while waiting can pay off financially, for some people, it's hard to resist the allure of an immediate monthly paycheck.However, you should know that for each month you claim Social Security before reaching full retirement age, your benefits are reduced permanently. And if your full retirement age is 67, which is the case if you were born in 1960 or later, then claiming Social Security at 62 means slashing your monthly checks by roughly 30%.Image source: Getty Images.Continue reading
There's a reason age 62 has long been a popular age to sign up for Social Security: It's the soonest age you can take benefits. And while waiting can pay off financially, for some people, it's hard to resist the allure of an immediate monthly paycheck.
However, you should know that for each month you claim Social Security before reaching full retirement age, your benefits are reduced permanently. And if your full retirement age is 67, which is the case if you were born in 1960 or later, then claiming Social Security at 62 means slashing your monthly checks by roughly 30%.
Image source: Getty Images.
