It’s common advice for seniors to consider their options thoroughly before filing for Social Security. The reason for this is that the monthly payment of funds you receive from the program will depend on your filing age. At age 62, you can begin the Social Security enrollment process. However, unless you delay for FRA to file, you will not receive your full monthly benefit according to your individual earnings history. Depending on the year you were born, your FRA could be 66, 67, or somewhere in between.
Social Security Benefits; Source- AS USA
Claiming Society Security Benefits
It’s common knowledge that claiming Social Security at age 62 entails drastically reducing your monthly payout for the rest of your life. For example, filing at age 62 will result in a 30% reduction in your monthly income if your FRA is 67. However, there’s one scenario when it makes perfect sense to start collecting benefits at age 62. Furthermore, you shouldn’t feel guilty about losing out on advantages if it pertains to you. Health is a complex and erratic concept. You could be in absolutely excellent condition at one time in life just to get hurt or endure an illness that affects the image from then on.
Social Security At Age 62
Because of this, you might wish to think about applying for Social Security at age 62. Waiting to enroll in benefits could be troublesome if your health worsens at that point and you have objectives you want to accomplish that depend on your health. However, if you are in excellent condition at that point. Large ambitions are sometimes postponed until retirement because people lack the resources or time to work toward them earlier in life. You may have the leisure to accomplish your ambitions when you retire. And you might get the money from Social Security.
Social Security Payment Cuts
Quite simply, this advice isn’t for you if you have no assets to draw upon in retirement, no pension, and no savings. You should be able to achieve your lifelong ambitions, but you require to be able to put food on your table and a roof over your head as well. That could be challenging if your Social Security payout is cut. Instead, this counsel is predicated on the idea that, even in the absence of Social Security, you are in a respectable financial situation because you either have a sizable nest egg, a healthy employment pension, or some other asset that could allow you to live well.
However, if that’s the situation, there’s nothing incorrect with pursuing your objectives, even if doing so results in future Social Security benefits being reduced. Thus, if your finances are in order, it can be a great idea to start collecting Social Security at age 62 and work toward your objectives while your health permits. Your finances might benefit from a larger Social Security benefit. However, you don’t want to live out your retirement regretting the things you put off doing because you delayed too long or your health refused to cooperate.
