Claiming Social Security at age 62 can reduce income by 30%, but may be beneficial for some.

From Nasdaq: 2024-10-20 12:05:00

Starting Social Security benefits at 62 can result in a 30% reduction in income compared to waiting until full retirement age. However, claiming early can be beneficial if it helps preserve savings due to early retirement or health issues. Withdrawing no more than 4% from retirement accounts in the first year is recommended to ensure longevity of funds in retirement, especially if relying solely on savings. Delaying Social Security to increase benefits may not be worth it if it jeopardizes financial stability. Maximizing Social Security benefits through little-known strategies can provide a significant boost to retirement income.



Read more at Nasdaq: The No. 1 Reason to Claim Social Security at Age 62