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Is It Better to Take Social Security at 62 or 70? Ask Yourself This One Question

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Is It Better to Take Social Security at 62 or 70? Ask Yourself This One Question: https://g.foolcdn.com/editorial/images/751489/person-standing-in-a-kitchen-looking-out-a-window.jpg

Choosing when to begin taking Social Security is not a decision to be taken lightly, as it will affect your monthly income for the rest of your life.

Age 62 is the most popular time to file, with around 35% of men and nearly 40% of women claiming at this age, according to a 2020 report from the Bipartisan Policy Center. However, filing at 62 will also drastically slash your benefits by up to 30%.

Image source: Getty Images.

Source Fool.com

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