Deciding Between Social Security at Age 62 or 67? Important Factors to Consider
Factors Affecting Social Security Claiming Age
Social Security benefits play a crucial role in retirement planning for many older adults, but deciding when to claim relies on several key factors.
Your full retirement age (FRA)
Your FRA is pivotal in determining the amount you receive in benefits. Claim earlier than your FRA, and you'll get reduced payments.
The size of your retirement fund
If you have substantial savings, claiming earlier might be feasible. However, if you need additional income, delaying benefits could boost your retirement funds significantly.
Your priorities in retirement
For some, retiring earlier may be the goal, while others prioritize maximizing monthly income for long-term financial security.
Your strategy with your spouse
Collaborating with your spouse on a claiming strategy can optimize benefits for both individuals, ensuring financial stability in retirement.
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.