Full retirement age varies, depending on when you were born, but for most people today, it will be between 66 and 67. If you were to turn 62 this year, your payments would only be about 71 percent of what you’d get if you waited until your full retirement age, which is 66 years and 10 months. Every month you wait between now and your full retirement age, your benefits will increase.
Your first move is to determine when you should start taking Social Security. For most people, Social Security won’t be enough to cover the cost of living in retirement. Nonetheless, Social Security benefits are still valuable, so you’ll want to do whatever you can to maximize them.
You can begin collecting benefits when you reach 62 – but should you? How will Social Security fit into the picture?
There’s no one right answer for everyone. If you turn 62 and you need the money, your choice might be made for you. So, when should you start claiming your benefits?
Regardless of when you file, you’ll also receive an annual cost-of-living adjustment. If you still want to delay taking benefits beyond your full retirement age, your payments will increase by 8 percent each year, until you’re 70, when they max out.
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