Is Claiming Social Security at 62 Right for You? Here Are 3 Reasons Why It Might Make Financial Sense

Saturday, 25 May 2024, 11:30

While delaying Social Security until 70 can lead to larger monthly checks, there are scenarios where claiming early at 62 can be financially advantageous in the long run. The decision to claim early should be carefully considered based on health, financial needs, and potential household benefits. It's essential to review your retirement plan annually and make adjustments as necessary to ensure a secure financial future.

https://store.livarava.com/8f2853f1-1a8a-11ef-a3da-9d5fa15a64d8.jpg — Is Claiming Social Security at 62 Right for You? Here Are 3 Reasons Why It Might Make Financial Sense

Reasons to Consider Claiming Social Security at 62:

Health Considerations: Claiming early may be beneficial if facing terminal illness to maximize benefits for loved ones.
Financial Needs: If struggling financially or unable to afford bills, claiming at 62 can provide steady income support.
Household Benefits: Maximizing overall benefits for a spouse and oneself by evaluating retirement and spousal benefits.

While delaying benefits can lead to larger lifetime benefits, claiming early at 62 can be a strategic option in certain situations. It's crucial to assess personal circumstances and make an informed decision regarding Social Security claiming age.

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.

Reasons to Consider Claiming Social Security at 62:

Related posts