Making the decision when to claim Social Security benefits is a complicated process that requires careful consideration. While there are advantages to claiming early at age 62 or waiting until age 70 for a larger check, many individuals find that waiting until their full retirement age strikes a balance; for those born in 1960 or … Read more
At 62, you become eligible to claim Social Security benefits, but it’s worth noting that your full retirement age extends well beyond that. The general belief is that claiming Social Security earlier is logical if you are in poor health. By postponing the benefits, you receive larger monthly checks, although it takes time for these higher payments to compensate for the income you forego by not claiming immediately. If your life expectancy is limited, claiming early and obtaining as much money as possible right away might make sense.
Regrettably, only some people enter retirement in excellent health. When you’re in your early 60s, and you have several health problems, you may believe you won’t live very long, which may motivate you to file for Social Security benefits early.