Claiming Social Security benefits at age 62 may seem appealing, but it can significantly reduce monthly benefits permanently, particularly for those whose full retirement age is 67. By claiming early, individuals can face a 30% reduction in benefits and potentially lower lifetime income if they end up living long lives. Additionally, unforeseen healthcare expenses can significantly impact retirement savings, making early claims a risky choice. Financial advisement can provide insight into optimal strategies for retirement planning.
Claiming Social Security at age 62 reduces lifetime monthly benefits by about 30%, impacting financial stability, especially for those living long lives.
Filing early may seem advantageous, but if you live a long life, overall Social Security income can be negatively affected, resulting in hardship.
Health care costs often surpass expectations, leading retirees to encounter financial pressures if they claim benefits early without proper budgeting.
SmartAsset's free tool connects you with vetted financial advisors to help assess your retirement strategy and navigate Social Security claiming.
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