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

Social Security is a complex program, primarily because it doles out benefits each month to over 74.5 million Americans. The other complex part of the program is that retirees can choose to start claiming Social Security benefits at different ages. Retirees can claim benefits as early as age 62 and as late as age 70. There are, of course, different reasons to claim benefits at different ages and different trade-offs as well. While there is no right answer for when to claim benefits, this is the No. 1 reason to claim at age 62.Social Security's goal is to ensure that, regardless of the age at which retirees claim benefits, they will theoretically get an equal amount of benefits over their lifetime. Retirees who claim benefits earlier will see reduced benefits because they are theoretically expected to claim benefits over a longer period. Retirees who claim benefits later will get higher benefits because they will likely get to use them for fewer years than those who claimed at age 62.Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool