Early vs. Delayed Social Security
Considering the Financial Impact
According to Motley Fool, as Americans get closer to retiring they have to think about when to start getting their Social Security money. Some choose to start as soon as they can at 62. But there are some things to think about. If you’re doing okay with money or need some extra cash taking it at 62 might seem like a good idea. But there’s a problem – your Social Security money will be less up to 30% than if you wait until you’re older. Recent studies show that waiting until 70 can be much better for your money in the long run.
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Navigating the Social Security Decision
Deciding when to get your Social Security money is a big choice that needs a lot of thought. You have to think about how long you might live, what you need for healthcare, and how working could affect your benefits. Getting your Social Security money at 62 might help you right away but waiting until you’re 70 could give you a lot more. It all depends on your own situation and what you want for your future. Talking to a money expert can help you make the best decision for your retirement.