Should you claim Social Security at age 62 or much later? We laid out the pros and cons.
Almost everyone who has had a paid job in the U.S. is eligible to receive Social Security benefits when they retire.You first become eligible for Social Security benefits at age 62, or 60 if you’re a widow or widower.5 questions to consider when deciding when to claim Social Security:2. What other sources of income will I have in retirement?The longer you wait to collect benefits, the more money you’ll get.when it reaches the highest possible benefit — about 7% or 8% a year.
The earlier you start collecting Social Security, the longer you’ll receive those benefits. But your monthly payment will be at the permanently reduced amount . Keep in mind that if you keep working while receiving Social Security, you run the risk of earning too much income, which can reduce your benefits.the other side of the argument favors claiming your benefits earlier so you can enjoy the extra cash.
Taking the money earlier can also help people avoid spending their retirement investments on daily expenses, which allows retirement savings to keep growing, said Joseph Favorito, managing partner at Landmark Wealth Management in Melville, N.Y.
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