Planning to take Social Security at age 62? 3 reasons to wait until 70

Planning to take Social Security at age 62? 3 reasons to wait until 70

A big question for Americans nearing retirement is when to file for Social Security benefits. While the U.S. government has set the full retirement age at 67 for people born in 1960 or later, Americans can choose to take reduced Social Security benefits as early as age 62 — or wait until after full retirement age in exchange for a higher monthly payment.

Starting Social Security benefits at age 62 can make sense under certain circumstances. However, waiting until at least full retirement age — and ideally age 70 — to claim Social Security is usually the better option. Here […]

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