When Should You Take Social Security? Answer These 3 Questions to Find Out
While it's tempting to grab your Social Security benefits as soon as you can (woo hoo, easy money!), claiming Social Security benefits at age 62 is not always your best option. When you claim your retirement benefits has a huge impact on how much money you get.
So when should you file for Social Security? It depends -- read on for some tips on how to decide.
The Social Security Administration has a magic number that it calls "full retirement age." This number used to be age 65 for everyone; however, if you were born in 1960 or later, your full retirement age will be 67. If you were born between 1938 and 1959, your full retirement age will fall somewhere between age 65 and age 67 (see the Social Security website for your exact full retirement age if you fall into this group).
Source: Fool.com
