Claiming Social Security at 62? Before You Do, There's 1 Key Move You Have to Make
Make sure you can really afford that benefit cut.
Overview
If you're thinking of filing for Social Security at 62, you're not alone. A lot of people choose 62 as their filing age because it's the earliest point to sign up for Social Security. But as you're probably aware, claiming Social Security at 62 comes with a big drawback.
Each month you claim Social Security ahead of your full retirement age results in a permanent cut to your monthly benefits. Full retirement age is 67 for anyone born in 1960 or later. If you file at 62, you're looking at a 30% self-imposed benefit reduction.
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Details
Source
Originally published at www.fool.com.
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