3 Reasons to Claim Social Security at Age 62

If you've done any amount of digging into the matter, then you've almost certainly been advised to wait as long as possible before initiating your Social Security retirement benefits. After all, while the full retirement age that would secure you 100% of your intended payments is between 66 and 67 -- depending on when you were born -- waiting until you're 70 years old to start collecting these benefits would translate into measurably higher monthly checks.There's another option on the other side of this spectrum, however. Although it ultimately means much smaller payments, there's a case to be made for claiming at the earliest possible age of 62. Just don't take such a decision lightly, since it's a permanent choice.As was noted, anyone eligible for Social Security's retirement benefits will see 100% of their intended payments only if they start collecting once they reach their full retirement age, or FRA. This year's FRA is 66 years and 10 months, applicable to people born in 1959. Next year's full retirement age will be a full 67 years, where it will remain unless changed again by legislation.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool