When Should You Claim Social Security Benefits? A Detailed Analysis
Optimizing Social Security Benefits: When to Claim at Age 62
Sometimes, filing early can pay off financially. There's no single, uniform age to sign up for Social Security. Rather, seniors get a choice in that regard.
You're entitled to your complete monthly benefit based on your personal income history once full retirement age (FRA) arrives. That age is 66, 67, or somewhere in between, depending on the year you were born.
When to Consider Early Filing
- Evaluate Your Health: Your health condition at age 62 can influence the decision to claim benefits early.
- Calculating Lifetime Income: Claiming benefits early may lead to more total income if you have a shorter lifespan.
- Personal Circumstances: Your individual situation should guide your choice, considering factors such as retirement savings and future financial needs.
Claiming Social Security at 62 can be a wise financial move under specific conditions, despite common advice against it. Understand the implications and make an informed choice tailored to your circumstances.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.