Thinking about Taking Social Security at age 62?

Are you considering taking Social Security at age 62? It’s a big decision that can have long-term implications for your retirement. Here are 5 things to consider before you make a choice:

1. Reduced benefits: By taking Social Security at age 62, you will receive reduced benefits compared to if you wait until full retirement age. This reduction can be as much as 30% depending on your birth year.
2. Longevity: Consider your health and family history when deciding when to take Social Security. If you have a longer life expectancy, it may be worth waiting to receive higher benefits later on.
3. Income needs: Take into account your current financial situation and future income needs. Will taking Social Security at 62 provide enough income to support your lifestyle in retirement?
4. Employment: If you plan to continue working after taking Social Security at 62, be aware that your benefits may be reduced if you earn above a certain limit. This could impact your overall retirement income.
5. Spousal benefits: Consider how taking Social Security at 62 may affect spousal benefits. Depending on your spouse’s age and earnings, it may be more beneficial to wait until full retirement age to maximize benefits for both of you.

Before making a decision about taking Social Security at age 62, it’s important to carefully weigh these factors and consult with a financial advisor to determine the best course of action for your individual situation.