Claiming Social Security benefits can be done between the ages of 62 and 70. While many suggest waiting until 70 to maximize monthly payouts, some advocate for the early claim at 62. Early retirement may be essential for those unable to retire without these benefits. Additionally, the purchasing power of Social Security benefits diminishes over time due to inflation, and the adjustments made may not accurately reflect the costs seniors face, making early claims a practical choice for many individuals nearing retirement.
Claiming Social Security at 62 allows for early retirement, which may be necessary for many who cannot afford to wait for larger benefits later.
The erosion of buying power affects Social Security benefits, as the methodology for calculating Cost of Living Adjustments often falls short in addressing actual inflation experienced by seniors.
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