Why 62 Is the Worst (and Best) Age to Claim Social Security
If you're eligible, you can start collecting your retirement benefit from Social Security as early as age 62. The key trade-off you face in choosing to start that early is that you will receive benefits for more months, but each payment will be permanently reduced versus waiting until later to start collecting. That trade-off makes age 62 both the worst -- and the best -- age to claim Social Security.
How can that be? On average, people will receive about the same from Social Security throughout their lifetime, regardless of when they start collecting. Early collectors get lower benefits for longer, while late collectors get higher benefits for a shorter time. That fact, combined with the rest of your financial picture, add up to make your 62nd birthday either an ideal day to start collecting or a terrible one.
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Source Fool.com
