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Social Security: Some may benefit from claiming benefits at age 62

Many Americans try to wait until at least their full retirement age to collect Social Security to not lose a chunk of their monthly payment.

In some cases, it may be a better idea to collect them as soon as possible at age 62.

The earliest you can claim is age 62, but the benefits are reduced.

You can claim full benefits at age 66 or 67, whenever your FRA is.

You may wait until age 70 to collect, earning extra benefits past your FRA each year.

By choosing age 62, you could see a 20-30% drop in your benefits.

There are a few reasons why claiming earlier would make sense.

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Three circumstances that claiming Social Security benefits as early as possible make sense

Your job is hurting your overall health

Some people just hate their jobs, especially after years.

This can cause harm to your physical and mental health, causing you to become ill.

In this situation, it may be best to cut your losses and take the benefits as soon as you can.

This is a good idea if it’s something that makes sense for you, and if you have a retirement savings to offset your smaller benefits.

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You want a job that makes you happier but pays less

Some people reach a point where they want to do something they love, but can’t because it won’t pay the bills.

In this situation if the income is under a certain threshold, you can work and still collect benefits.

This way you’ll not only be working a job you like and earning an income, but you can also collect Social Security benefits while doing it.

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You have enough in a savings account to collect Social Security whenever you want

If you’ve been putting money away during your working life, you could realistically retire whenever you want.

Many people end up waiting until their FRA or beyond because they need the money.

If you’ve saved a big enough nest egg, then you can retire earlier from a career you dislike and focus on your health and retirement years.

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