I'm Turning 62 This Year. Should I Plan to Claim Social Security Right Away?
You may not think of age 62 as one of those milestone ages. But from a Social Security perspective, age 62 is huge. That's because it's the earliest age you can sign up for Social Security.
If you're turning 62 this year, you may be wondering if it pays to take your benefits once they become available to you. But you should know that if you don't wait until full retirement age to claim Social Security, your monthly benefit will be permanently reduced.
Meanwhile, if you're turning 62 this year, it means you were born in 1961, and it means that your full retirement age is 67. Filing for Social Security this year will therefore result in a 30% hit to your benefits. Whether that's problematic or not, and worth getting your money sooner or not, will depend on different factors.
Source Fool.com
