Will Claiming Social Security at 62 Hurt You Financially? Maybe Not.
Filing for benefits as early as possible isn't always a mistake.
Overview
There's a reason financial experts often caution against claiming Social Security at age 62, the earliest age to file for benefits. Signing up at 62 means having to accept reduced Social Security benefits for life.
For people born in 1960 or later, Social Security's full retirement age is 67. That's when they can claim their benefits without a reduction. Filing at 62, by contrast, slashes benefits by 30%.
Details
But while claiming Social Security at 62 might lead to smaller checks on a monthly basis, it's not necessarily a terrible move. It could actually be a brilliant one.
Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.