Here's Why You Should Plan to Claim Social Security at 62 -- Even if You Hope to File Later
Your Social Security filing age could have a huge impact on your financial standing in retirement. The earlier you file for benefits, the less income you'll be entitled to on a monthly basis. And the more you delay your filing (up to a certain point), the more generous a benefit you can anticipate.
It's for this reason that some seniors prefer not to claim Social Security at age 62, which is the earliest age to sign up for benefits. Instead, they prefer to wait until full retirement age (FRA) to file, or even beyond.
In fact, for each year benefits are delayed beyond FRA, they increase 8% on a permanent basis, up until age 70. And so even seniors with the latest FRA of 67 get an opportunity to score a 24% increase to their Social Security paychecks.
Source Fool.com
