- Postponing Social Security until age 70 can increase your monthly benefit by 24%, while claiming at 62 can reduce it by up to 30%. However, there are reasons to consider claiming benefits early, such as financial need or health concerns.
- If you have enough savings to cover expenses without relying on Social Security, claiming benefits at 62 may not be as crucial.
- Early retirement might align with your goals and dreams, allowing you to pursue new ventures or experiences.
- Physically taxing jobs and health issues can prompt early retirement, with studies suggesting retirement can lead to positive lifestyle changes.
- Consider your individual circumstances and goals when deciding when to claim Social Security benefits.
Read more at Nasdaq: 5 Reasons to Claim Social Security at Age 62