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Image source: Getty Images. Social Security's full retirement age (FRA) and why it matters. The Social Security Administration assigns everyone a full retirement age (FRA) based on their birth ...
However, I don't want to claim retirement benefits that I won't get until several years later. 2. I like the safe return on investment for waiting ... I'd retire at 62, take Social Security, and ...
If you sign up at age 62 instead, your monthly benefit shrinks to $1,400. But by roughly age 78 1/2, you're breaking even, coming away with $278,000 and change in total benefits to date.
Ramsey was responding to a question from a listener about whether it made more sense to collect Social Security at 62 or wait until full retirement age, which is either 66 or 67 years old ...
According to experts in an article published by Fidelity, one of America's largest retirement plan administrators, you should have between eight and 10 times your pre-retirement income by your ...
Now, you don't necessarily have to take Social Security as soon as you retire. If you can swing it financially, you could retire at 62 and delay benefits by several years.
Depending on when you file, your “full retirement age” benefit could be reduced by as much as 30% — in the case of filing at age 62 — or increased by as much as 24% if you wait until 70.
The best reason to claim Social Security at age 62 is to make sure that your savings don't run out if you're unable to work. ... Many people want or need to retire at 62 or even before that. You ...