KXLY
May 6, 2021 2:37 AM newsfeedback@fool.com (Christy Bieber)
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Claiming Social Security at 65 may sound like a good plan.
After all, when Franklin D. Roosevelt created the benefits program in 1935, 65 was set as the “standard” retirement age. Any retiree who chose it would get their full Social Security benefit.
But it’s not 1935 any more. And today, starting your checks at 65 may
actually not be the best choice. There are a few reasons you could end up rethinking the decision to start your benefits then and instead claiming them later (or earlier) than anticipated.
Image source: Getty Images.
You may not be able to stick it out until 65
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Author Bio
Maurie Backman is a personal finance writer who s passionate about educating others. Her goal is to make financial topics interesting (because they often aren t) and she believes that a healthy dose of sarcasm never hurt anyone. In her somewhat limited spare time, she enjoys playing in nature, watching hockey, and curling up with a good book.
Claiming Social Security prior to full retirement age (which falls between 66 and 67, depending on your year of birth) means slashing your monthly benefits for life. But in some cases, it does pay to file early.
In fact, you ll often hear that if you don t expect to live a long life, then it makes sense to sign up for Social Security at the earliest possible age of 62. Though doing so will slash your monthly benefit, there s a good chance you ll walk away with a higher
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KXLY
April 6, 2021 2:48 AM newsfeedback@fool.com (Christy Bieber)
Posted:
Updated:
April 8, 2021 4:36 AM
As soon as you turn 62, you can claim Social Security benefits. But that’s considered filing early, and it has consequences. Since you’re claiming benefits before full retirement age (FRA), you’ll shrink the size of your checks and give up the chance to raise your income through delayed retirement credits, which are earned each month you defer benefits after FRA until age 70.
Despite these downsides, many people file at 62 anyway. One of the most common reasons is because they’re in poor health. If you wait to get higher checks but pass away while you’re young, you may get no benefits at all or less lifetime income than if you’d started at 62.