Claiming Social Security at 62? You Might Regret That
Many seniors are inspired to claim Social Security at age 62 for one big reason -- they can. In other words, age 62 is the earliest age to file for benefits. And while signing up at that point means accepting a reduced monthly benefit for life, for many seniors, that hit is worth it.
If you're contemplating a Social Security filing at age 62, you might feel similarly. And it's easy to see why claiming benefits that early is appealing. If you're tired of working, signing up for benefits at age 62 could be your ticket to the early retirement you've always dreamed of.
Plus, you may want the peace of mind that comes with getting your money earlier. Nobody knows how long they'll live. But if you claim Social Security at 62 and don't wind up with a very long lifespan, you'll generally come out ahead financially compared to filing at a later age.
Source Fool.com
