3 Times Claiming Social Security at 62 Could Be Your Smartest Move

You can claim Social Security as early as age 62, but should you? Experts often recommend delaying Social Security into your late 60s. This is because the benefit amount rises when you claim later. The advice makes sense -- higher retirement income is usually what you want.

There are exceptions, though. Getting higher Social Security benefits for claiming later can be costly, financially or in terms of life quality. Here are three scenarios when claiming a lower Social Security benefit at age 62 could be the smarter move.

It's not free to delay your Social Security. You don't pay a fee per se, but you do forgo upfront income. The trade-off -- no income upfront for higher income later -- only makes sense if you outlive the break-even point.

Continue reading

Source Fool.com