Turning 62 Next Year? Here's Why You Shouldn't Rush to Claim Social Security
There's a reason so many workers can't wait to turn 62 -- that's the earliest possible age to sign up for Social Security. Incidentally, it's also the most popular age to claim benefits.
If you'll be turning 62 in the coming year, you may be planning to file for benefits immediately. But here are a few reasons you shouldn't.
You're only entitled to your full monthly Social Security benefit based on your lifetime earnings once you reach full retirement age, or FRA. If you're turning 62 in 2021, it means your FRA is 66 and 10 months, and so if you claim your benefits at exactly age 62, you'll slash them by almost 30%. That reduction will then remain in effect for the rest of your life unless you happen to undo your filing within that first year.
Source Fool.com
