3 Great Reasons To Take Social Security Benefits at 62
Your monthly Social Security benefit is calculated using your wages from your 35 highest-paid years in the workforce. From there, the age you file at will determine how much money you get.
You're eligible for your full monthly benefit based on your earnings history once you reach full retirement age (FRA), which is 66, 67, or somewhere in between, depending on your year of birth. But you don't have to wait that long to claim benefits. You can sign up as early as age 62.
For each month you file for Social Security ahead of FRA, your monthly benefit shrinks, and filing at 62 will cause up to a 30% reduction, depending on your FRA. In spite of that, it could still pay to claim benefits at the earliest age possible. Here are three good reasons to sign up at 62.
Source Fool.com
