Social Security Claiming Strategies: Comparing Ages 62, 67, and 70
As you near retirement, there are a few important decisions you have to make, especially financially. In addition to decisions such as your retirement withdrawal strategy and estate planning, you also need to begin thinking about when you want to claim Social Security.The age at which you claim Social Security is an important decision because it permanently affects how much you receive in benefits, which could directly affect your retirement lifestyle.To see the impact of different claiming decisions, let's compare them for ages 62, 67, and 70. Those are notable ages because it's the earliest you can claim Social Security, the full retirement age (FRA) for people born in 1960 or later, and the latest you can delay benefits and receive an additional monthly increase.Continue reading
As you near retirement, there are a few important decisions you have to make, especially financially. In addition to decisions such as your retirement withdrawal strategy and estate planning, you also need to begin thinking about when you want to claim Social Security.
The age at which you claim Social Security is an important decision because it permanently affects how much you receive in benefits, which could directly affect your retirement lifestyle.
To see the impact of different claiming decisions, let's compare them for ages 62, 67, and 70. Those are notable ages because it's the earliest you can claim Social Security, the full retirement age (FRA) for people born in 1960 or later, and the latest you can delay benefits and receive an additional monthly increase.
