Convinced You Should Claim Social Security at 62? There's 1 Key Piece of Info You Need Before Making That Call.
One of the toughest financial decisions you might have to make in your lifetime is deciding when to sign up for Social Security. The earliest point you can claim benefits is age 62. But waiting beyond that point results in larger monthly checks for the rest of your life.If you were born in 1960 or later, full retirement age for Social Security is 67. That's when you can collect your monthly benefits without any sort of reduction. And if you delay Social Security past full retirement age, your benefits increase 8% per year you do so, up until you turn 70. At that point, there's no sense in delaying your claim.Image source: Getty Images.Continue reading
One of the toughest financial decisions you might have to make in your lifetime is deciding when to sign up for Social Security. The earliest point you can claim benefits is age 62. But waiting beyond that point results in larger monthly checks for the rest of your life.
If you were born in 1960 or later, full retirement age for Social Security is 67. That's when you can collect your monthly benefits without any sort of reduction. And if you delay Social Security past full retirement age, your benefits increase 8% per year you do so, up until you turn 70. At that point, there's no sense in delaying your claim.
Image source: Getty Images.
