Collecting Social Security at 62 when it pays your full benefit at 65-67—depending on the year you were born—may not be financially wise, according to the Rapid City Journal.
Because no one knows exactly how long they will need their benefits for, it can be difficult to decide when to start collecting.
You may be better off waiting until a few years after eligibility to begin collecting your Social Security for several reasons:
The average monthly check you receive by waiting until age 70 is 66 percent more than what you receive at age 62. If your benefit at full retirement age is $1,000, at age 62, it is around $750, but if you wait until age 70, it is probably closer to $1,250.
If you are alive at age 62 and do not have a terminal illness, the odds are that you will live another 15 years. Therefore you may want to wait until 70 to start receiving your benefits.
Social Security benefits are also indexed to inflation. This advantage is much greater than it might appear. If inflation averages 3.5 percent a year, then your benefit check will double in 20 years. If your initial monthly benefit at age 66 is $1,000, by the time you’re 86, it will have doubled to $2,000.
If you or someone you know needs help with SSD benefits, contact the disability lawyers at Fleschner, Stark, Tanoos & Newlin.
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