“If you suspend your benefits for three years, you gain 28% on top of your original Social Security benefit.” If you suspend payments at 67, you do not have to pay back your previously paid benefits. Related: Reasons to Take Social Security Early at Age 62 Working During Retirement to...
For example, say your spouse's monthly benefit at full retirement age is $2,000, so 50% — the maximum you could qualify for if you were to wait to file — is $1,000. If you decide to claim Social Security at age 62, your spousal benefit would be $650, or 35% less, said cer...
The consequences of claiming Social Security benefits at age 62doi:10.1017/S1474747221000378Philip ArmourDavid Knapp
Claiming your Social Security benefits early may be the right choice if you want to retire at 62 and get the most out of that go-go phase, especially if you think your spending will go down as you age. Retirees: Go Ahead and Spend More in the Go-Go Years Sponsored Cont...
The final section concludes that the cohort (or birth-year) data, unlike the claim-year data, show that the share of people claiming Social Security retired worker benefits when they attain age 62 has been falling since the mid-1990s. This decline in people claiming early benefits is fully ...
“Rethinking Retirement,” believes anyone 62 or over should relax. “While Social Security is currently operating in the red, it does have a ‘trust account’ that will allow it to continue to pay benefits through 2035, meaning those who are age 62-plus now should have no immediate ...
To some degree, claiming Social Security benefits based on health comes with an asterisk. None of us (thankfully) knows our own expiration date. But without this knowledge, choosing the optimal claiming age is a bit of a crapshoot. We use the information we have at our disposal, such as ...
Now, this doesn't mean there's no situation when a claim ahead of FRA makes sense. In fact, there are lots of times you might want to begin benefits early, including when you want to retire at a younger age and starting Social Security is the only way to make that happen. ...
I asked a Social Security representative if I could take my (reduced) benefit at age 62 and then switch to half of my husband’s benefit at 67. She told me I should file at 62 and take half of his benefit at that time. That sounds too good to be true,...
In spite of the new rules, it still makes sense for the primary wage earner to delay the start of Social Security benefits as long as possible, up to age 70, for two reasons: This strategyboosts the expected payoutover the lifetime of the primary wage earner. ...