Is it a good idea to collect Social Security at 62?

You might think that waiting for bigger benefits is better, but that’s not always the case. There is no definitive answer to when you should collect Social Security benefits, and taking them as soon as you hit the early retirement age of 62 might be the best financial move.

What is the average SS payment at 62?

At age 62: $2,364. At age 65: $2,993. At age 66: $3,240.

How many people claim Social Security early?

Many people claim Social Security earlier than the age at which they would receive 100\% of what they are entitled to receive. In fact, roughly 50\% of all working men claim at age 62, and nearly 70\% have claimed before full retirement age.

Is it better to take SS at 62 or 67?

If you claim Social Security at age 62, rather than wait until your full retirement age (FRA), you can expect up to a 30\% reduction in monthly benefits. For every year you delay claiming Social Security past your FRA up to age 70, you get an 8\% increase in your benefit.

At what age does Social Security stop increasing?

age 70
When you reach age 70, your monthly benefit stops increasing even if you continue to delay taking benefits.

How many people wait until 70 to claim social security?

And yet in 2018 only 6\% of women and 4\% of men waited until they turned 70 to claim benefits. Most advisers and financial columnists wag their fingers at people who take Social Security as soon as they qualify at age 62.

What happens if you take early social security?

If you take early Social Security, you start collecting retirement benefits before you reach full retirement age. That’s age 66 or 67, depending on the year you were born. 1 

Should older people worry about the fate of Social Security?

While older people—particularly ones in or nearing retirement age—worry about the fate of Social Security, they likely won’t see much impact. Still, if the thought of losing out on Social Security benefits is keeping you up at night, it may be better to start claiming early or at full retirement age rather than to hold off for an increased benefit.

When should you start receiving Social Security retirement benefits?

Regardless of your full retirement age, you’re allowed to start receiving your Social Security retirement benefits early as age 62 or as late as age 70. Most people start collecting Social Security at age 62 — and there are some compelling reasons why you should do the same. You can make your checks bigger or smaller