The Social Security Administration SSA offers the retirement payments to all the persons qualified for Social Security who are of age 62 years or more. Social Security benefits begin at age 62 and reach their maximum when you turn 70 and file a claim at that age. If a claim is made at the age of 67, the benefits will be 100% of the retirement benefits.
Although collecting benefits early may result in a reduced benefit, it is still beneficial because you won’t be able to miss any of the monthly benefits. The sole purpose of collecting benefits at age 67 is to have an enhanced amount.
| Name | 5 Perfect Reasons To File Social Security At 62 |
| Organization Name | Social Security Administration |
| Benefit | Social Security Benefits |
| Beneficiaries of Social Security | Low income residents of United States |
| Eligible age | 62 years and above |
| Benefit Amount | $168600 |
| Benefit Mode | Direct Deposit |
| Payment date | As per DOB |
| Website | ssa.gov |
Reasons To Claim Social Security At 62
You Are Not Sure To Live Until Break Even:
The first and most significant reason to start collecting benefits at age 62 is because you will likely live a shorter life, and benefits increase with age. People with health problems won’t live longer, and waiting until they are 67 years old to start receiving benefits is not a good idea. You will receive no benefits if you pass away before being 67 years old. At age 62, the benefit will be between 71 and 73%, but you will still receive benefits.
You wish to protect your retirement investment:
By claiming benefits at age sixty-two, you can invest your money instead of having to wait for a longer period of time. In the event that inflation is occurring, you have the option to enhance your portfolio’s income and advantages.
You Have A Source of Lifetime Income That Is Guaranteed:
It is usually preferable to start collecting retirement benefits early because they are the only source of income you will have. If you wait longer, you might not have any income at all, and this retirement income is the only thing you have. The Social Security income is all you receive.
Benefits Will Be Exchanged From Your Own To Your Spouse’s:
Some people receive benefits that are less than the spousal benefits; in these situations, one spouse may receive benefits for a period of time before switching to the spouse receiving the higher amount.
You May Not Be Able To Work beyond 62 Years:
You may not always receive benefits even if you wait longer. For example, you may be laid off beyond 62 years of age or find it difficult to find employment thereafter. If you think about working and keep receiving the perks later on, you could not be as healthy.