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If you've been considering taking Social Security as early as possible at age 62, there are three clear signs that might be the best decision. ... $40,000 per year from your retirement fund, you'd ...
Turning 62 is a big milestone. For many, it marks the end of a decades-long career. It also signals eligibility for Social Security benefits, a primary source of income for a lot of retirees.
If you believe you'll need your Social Security check to make ends meet during retirement, you'll want to work at least 35 years. The third variable, your full retirement age, is determined by the ...
If you need to take out more than 4% of your retirement account balance in order to fund your lifestyle while delaying Social Security, you're putting yourself at risk of big financial trouble later.
The good news is, claiming Social Security benefits at 62 isn't always a bad financial choice. Indeed, there are plenty of reasons to believe claiming benefits as soon as you're able can actually ...
The way Social Security is set up, the longer you wait to collect retirement benefits, the higher your monthly payment. Claiming benefits at age 62 means you will get the smallest possible check.
The answer is: Delaying your Social Security will get you significantly more money every month of what could be a lengthy retirement. Filing for benefits at 62 makes sense for some people, such as ...
In fact, according to 2023 data from the Social Security Administration, the average retiree collects around $1,884 per month in benefits at age 67 compared to $1,298 monthly at 62 -- a difference ...