The No. 1 Reason to Claim Social Security at Age 62

It's a question most retirees repeatedly ask themselves. Do I begin collecting Social Security retirement benefits at the earliest possible age of 62, knowing my monthly payment will be reduced? Or do I wait -- possibly all the way to 70 -- for a bigger payout?The difference isn't insignificant. For 2025, claiming at 62 will mean your payments are nearly 30% less than what they would be if you wait until you reach your intended full retirement age (or FRA). That's just under 67 now, but will be 67 beginning next year. And waiting until you turn 70 to initiate benefits will make your payments roughly 25% greater than they'd be at your official FRA. Given that the average retiree's Social Security payment currently stands at just over $2,000 per month, claiming age can make a difference of several hundred dollars per month.What's the No. 1 reason someone might want to accept a reduced payment and claim Social Security at the age of 62 anyway? Here's some food for thought.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool