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Don’t Claim Social Security at 62 Unless…
A person who turns 62 in 2018 will reach full retirement age at 66 and fourth months, according to Social Security. If the monthly benefit at full retirement age is $1,300, this person would be eligible to collect the following at various ages.
Many retirees claim benefits at age 62 simply because they need the money; they’re unable to work or they want to enjoy retirement while they’re still relatively young, and their nest egg alone can’t support them. Others are worried about the health of the Social Security program and want to get at least some benefits before the system “runs out of money.” And some individuals apply early because they want to invest the funds; they calculate that their finances will come out ahead if they put their Social Security checks to work in the markets.