Is It Better to Take Social Security at 62 or Wait Until 67?
Is It Better to Take Social Security at 62 or Wait Until 67? Deciding when to start collecting Social Security can have a huge impact on your retirement income . You can start as early as age 62 , but is it better to wait until full retirement age (FRA), which is 67 for most people ? Let’s compare the pros and cons to help you decide. 🧓 What Happens If You Take Social Security at 62? You’ll receive reduced monthly benefits — about 30% less than what you’d get at age 67. ✅ Pros: Get money earlier Helpful if you retire early or have health concerns May be necessary if you can’t work ❌ Cons: Lower lifetime benefit if you live long Locked-in lower monthly payments May affect spousal/survivor benefits 👴 What Happens If You Wait Until 67? You’ll receive 100% of your full benefit . ✅ Pros: Higher monthly income for life Better spousal/survivor benefits More tax-efficient in some cases ❌ Cons: Delay in receiving funds May not live lon...