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What if I start taking social security at 62?
What happens if you file for Social Security at 62?
Is a 62 year old a good age to retire?
When will I get my retirement benefits if I'm 62?
You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.
- Retirement Age Calculator
The law raised the full retirement age beginning with people...
- Born in 1960
You can start your Social Security retirement benefits as...
- Delayed Retirement Credits
For example, if you reach your full retirement age (67) in...
- Other Things to Consider
When you think about retirement, be sure to plan for the...
- Receiving Survivors Benefits Early
There are disadvantages and advantages to taking survivors...
- Life Expectancy
Retirement Planner; Retirement Estimator; Survivors Planner;...
- Benefit Calculators
The best way to plan for your retirement is to create a...
- Apply for Retirement Benefits
If you turn 62 any day after December 2, you are not age 62...
- Retirement Age Calculator
If you do not give a retirement date and if you have not reached your normal (or full) retirement age, the Quick Calculator will give benefit estimates for three different retirement ages. Select to see your benefit estimate in. today's dollars or inflated (future) dollars.
Oct 10, 2018 · For example, if you were born on Oct. 1 or 2, 1962, Social Security considers you to be 62 as of Sept. 30 or Oct. 1, 2024. You can apply for benefits in June and they would begin in October. But if you were born between Oct. 3 and 31, your first full month at 62 is November.
- Cons of Claiming Early
- Pros of Claiming Early
- Never Too Early to Consult An Expert
Surely after decades of working, you’re asking yourself, “Is 62 really early if the law permits it?” It is once you factor in the drop in long-term income. According to the Congressional Research Service, those who claim at 62 years old will see around a 30% reduction in monthly benefits compared to those who delay until full retirement age. Depend...
The above scenarios, of course, assume good health and a longer lifespan. But if you or your spouse experiences a disability or severe health problem, early benefits would definitely help defray costs. Then there’s the question of debt. An extra 8% a year may pale in comparison to the interest racked up by unsecured, high-interest credit card debt ...
If you are still unsure of when to claim Social Security and what is best for your finances, working with a financial adviser is often a smart move — and it’s better to get startedsooner rather than later. According to data by the Federal Reserve Board, only 40% of non-retirees feel confident about their retirement savings — clearly many Americans ...
- Amy Legate-Wolfe
Jul 27, 2023 · Should you take Social Security at 62? If you can wait a few years longer, you can boost your benefits—and your spouse's. Fidelity Viewpoints. Key takeaways. If you claim Social Security at age 62, rather than wait until your full retirement age (FRA), you can expect a 30% reduction in monthly benefits.
