Planning to Take Social Security at 62? That Could Be a Great (or Terrible) Idea.
Determining at what age to begin taking Social Security is an incredibly important decision, as it will affect your monthly income for the rest of your life. You can file for benefits as early as age 62, and that's the most popular time to claim. Around 35% of men and nearly 40% of women claim at this age, according to a 2020 report from the Bipartisan Policy Center.
In some cases, claiming as early as possible is a fantastic decision. But it won't be the right move for everyone, and there are times it could wreak havoc on your retirement. Here's how to tell whether it's the right decision for you.
Filing for Social Security at 62 can be a smart idea in a few situations. If you have a robust retirement fund and don't necessarily need the extra cash, for instance, it may be worthwhile to claim early.
Source Fool.com
