Should You Draw Social Security At 62 Or 66

You have no other accounts to withdraw from and have no way to earn income so you must take social security at 62. You can start taking it as early as age 62 or earlier if you are a survivor of another social security claimant or on disability wait until youve reached full retirement age or even until age 70.

When Should You Take Social Security Benefits Why It Might Be 62

For every year you delay past your fra up to age 70 you get an 8 increase in your benefit.

Should you draw social security at 62 or 66. Claiming social security early at 62 will result in a reduced monthly benefit compared to how much youre eligible to receive at full retirement age 66 or 67 for most people. Many people underestimate the true worth of their social security benefits. Currently age 66 to claim their benefits.

While theres no correct claiming age for everybody the rule of thumb is that if you can afford to wait delaying social security can pay off over a long retirement. No matter what your full retirement age also called normal retirement age is you may start receiving benefits as early as age 62 or as late as age 70. Claiming benefits early can be smart but it can pay off to wait.

Regardless of your full retirement age youre allowed to start receiving your social security retirement benefits early as age 62 or as late as age 70. 3 great reasons to take social security benefits at 62. Social security benefits can be claimed at any point after a recipient turns age 62 and most americans take their social security as soon as they can.

As you undoubtedly already are well aware most financial planners recommend thatso long as you can afford to do soyou should wait until age 70 to begin receiving your social security benefits. For most people the reasons to take social security at a later age far outweigh the reasons to take it at 62. There are situations where it makes more sense to go ahead and take social security at.

Put off drawing benefits until age 70 and your monthly take will increase by as much as 8 a year. If you plan on taking benefits at 62 rather than 66 and you plan to continue working then you should factor into your decision that the social security administration will reduce your monthly. If you claim social security at age 62 rather than waiting until your full retirement age fra you can expect up to a 30 reduction in monthly benefits.

So if you can afford it waiting could be the better option. If you retire early you can retire at any time between age 62 and full retirement age. If youre deciding when to start receiving social security heres what to consider.

Most people start collecting social security at age 62 and there are some compelling reasons why you should do the same.

Social Security At 62 Fidelity