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Taking Social Security At 62 May Cost You Hundreds Of Thousands In Benefits

For Most, Taking Social Security At 62 Isn't Smart, But They Do It Anyway


I have several articles about taking social security at 62, and the benefits you'll get by waiting until full retirement age, or even longer, before taking social security, but don't just take my word for it.

Below are several articles from other leading journalists explaining the pros and cons of taking social security at 62.

This excerpt, from the Huffington Post article states, "About half of all Americans do file at 62 -- the first year of eligibility for benefits. But for most people, it's a costly mistake that will mean forgoing thousands of dollars in lifetime benefits -- in some cases, hundreds of thousands."

1. How To Maximize Your Social Security Benefits

From the Huffington Post

"No matter what changes are made, it's a sure bet Social Security isn't going away anytime soon -- and it's 100 percent certain that the program will be one of your most important sources of security in retirement.

Maximizing your Social Security benefits will require some good planning and decision making. The most important decision you'll make is when to enroll. Dozens of news stories appeared in January 2007 when the country's oldest baby boomer turned 62 and promptly signed up for Social Security. But it probably wasn't a very smart financial move..."

Read more at link above.

2. The Best Age To Start Social Security

From MSNMoney

"Married women should take benefits early. Married men and single women should defer benefits as long as possible.

That's the conclusion of a recent study by economists Alicia Munnell and Mauricio Soto at the Center for Retirement Research at Boston College.

Needless to say, this isn't what most people do. More than 50% of all men and women start taking benefits at 62.

Unfortunately, the mistake most men make won't be theirs alone. Since men tend to marry younger women and women tend to outlive men, married women will pay much of the price for husbands who take benefits too early..."

Read more at link above.

3. Collect Now or Later? Timing Your Social Security Benefits

From MSNMoney

"Collecting Social Security as soon as you are eligible is a tempting proposition — but experts agree you should try to resist if you can.

The majority of people don’t follow that advice, choosing instead to start benefits early. Why wait to collect what is rightfully yours?

That logic may sound reasonable now. But in reality, the bigger risk is that you will live to a ripe old age..."

Read more at link above.

4. 62 or 70? When to Take Social Security Benefits

Wall Street Journal - Blog Q & A

"My wife and I are trying to figure out the optimum time to take our Social Security benefits. My wife turns 62 this month and gets a small pension. I will turn 62 in June, and I receive a pension and also work part time. My wife's Social Security benefit at age 62 would be $659 a month, and mine would be about $1,700. My parents are 86 and 90. My wife's mother is 87. Long-life genes seem to run in the family, and both of us are in excellent health..."

Read answer at link above.

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