Important Considerations When Deciding to Claim Social Security at 62
Tuesday, 19 March 2024, 09:02
Deciding When to Claim Social Security Benefits
Claiming Social Security benefits at 62 can have financial implications, impacting your lifetime income. The decision to file early or delay benefits depends on various factors.
Key Considerations:
- Rethinking Early Claims: While filing at 62 may lead to a reduced monthly benefit, it could be advantageous in certain situations.
- Retirement Savings: Individuals with substantial retirement savings may benefit from claiming early.
- Health Factors: Health issues can influence the decision, as early claiming may result in higher lifetime income.
Ultimately, the choice of when to claim Social Security should be based on your individual circumstances and financial goals.
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.