Deciding when to claim Social Security is a critical retirement choice. Claiming at 62 results in reduced monthly benefits for life, while delaying until 70 can maximize benefits significantly. Although there are potential gains from investing early benefits, it involves considerable risk. The choice ultimately hinges on individual life expectancy, as those who anticipate living longer may opt to wait for a higher monthly payout, whereas those unsure of longevity might claim sooner to mitigate potential losses.
Filing for Social Security at 62 reduces monthly benefits permanently, but there is potential for financial gain through investment.
Delaying Social Security until 70 leads to a higher monthly benefit, but the ideal claiming age greatly depends on life expectancy.
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