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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 ... There's one situation when claiming Social Security at 62 makes a lot of ...
For each month you delay your claim past that point, your monthly benefit increases by 2/3 of 1%, up until age 70. By contrast, if you claim Social Security at 62 with a full retirement age of 67 ...
Claiming Social Security at age 62 may make sense if you plan to hang up your work boots and begin your retirement as soon as possible. Reasons To Wait.
Data source: Social Security Administration. Chart by author. In this case, the break-even age between claiming at 62 versus 67 is just past age 78.
What's the No. 1 reason to claim Social Security at age 62? A smiling person sitting back with hands behind head. Image source: Getty Images. Why so many Americans claim Social Security at 62.
And if claiming Social Security at 62 is your ticket to doing so and you can afford the hit to your monthly benefits, then there's no reason not to move forward. The $ 22,924 Social Security bonus ...
You might have noticed there was at least a hint of negativity with all of the above reasons for claiming Social Security at 62. Probably ill-informed advice. Pessimism about the program's future.
However, if you’re born after 1960 and claim Social Security benefits before your full retirement age, you’d only receive a $91.35 increase in monthly benefits. Working in Retirement Will ...