Claiming Social Security at 62 Could Be a Dangerous Move for Retirees in This Situation
It's a decision that could end up hurting the person you love most.
Overview
It's easy to see why so many seniors are tempted to file for Social Security at 62. Since it's the earliest age to claim benefits, filing at 62 means getting access to a guaranteed monthly paycheck sooner. That could make it possible to retire earlier or enjoy more financial wiggle room at a younger age.
But there's a serious drawback to claiming Social Security at 62. If your full retirement age is 67, which is the case if you were born in 1960 or later, filing five years early will reduce your monthly checks by about 30% for the rest of your life.
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Details
Source
Originally published at www.fool.com.
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