Turning 62 in 2021? Here's What You Need to Know
Age 62 may not seem like an important milestone, but if that's the age you'll be reaching this year, it could actually be a pivotal point on the way to retirement -- or perhaps even the year you choose to bring your career to a close. Here are a few things to know if you're turning 62 in 2021.
Age 62 is the earliest age to file for Social Security benefits, and it's also the most popular age to sign up among eligible seniors. But just because you're allowed to claim your benefits at 62 doesn't mean it's a good idea.
You're entitled to your full monthly benefit, based on your personal earnings history, once you reach full retirement age, or FRA. FRA depends on your year of birth, and if you're turning 62 this year, it means you were born in 1959. In that case, you won't reach FRA until 66 and 10 months, so if you claim benefits at 62, you'll reduce them by nearly 30%. That's a large hit to lock in for the rest of your life.
Source Fool.com
