The Best Reason to Take Social Security Long Before Age 70
The decision to take or delay Social Security is dependent on your total financial picture. Those who want a higher monthly paycheck may choose to wait until age 70 to take their benefits, while others might be counting down the days to their 62nd birthday when they'll immediately claim their checks.
Keep in mind that the average monthly benefit at 62 is in the neighborhood of $1,500 per month. For every year you delay taking Social Security, your benefits will increase by about 8% until you turn age 70. Given that this increase in benefits will last as long as you live, it's really important to consider your entire financial situation before making any rash decisions.
If you find yourself in any of the below scenarios, it may be worth starting Social Security payments at 62:
Source Fool.com
