When I turned 62 I started getting all kinds of mail from the Social Security Administration letting me know I could begin my benefits. First of all, getting that mail make me feel as old as dirt, but it did serve the purpose of my starting to do some research on the best path to take for my situation. That’s the term here that has to be remembered, “my situation”. Not everyone is in the same boat when it comes to turning 62, or 66, or 72 and beginning to take the Social Security benefits to which they are entitled. I believe if you are financially stable enough to wait until you are at least 66 to begin receiving those benefits, that’s the best road to take. Since my husband was working at a full time job when we both turned 62, we felt my receiving my benefits then was the thing to do. He will begin getting his benefits this year when he turns 66. Waiting to 72 would give us more each month, but in our situation, we want to get everything paid off before we retire, and getting that monthly Social Security check for him will help us do that. He will retire at 68.
So, read the article, and then decide what’s best for you and your family. There are so many extenuating circumstances now that will come to play in your situation. If there is something that you don’t understand, don’t hesitate to call The Social Security Administration and ask the questions. I have found them helpful (once I finally got through to them, that can be a problem). If you have a computer, go to their web site and read everything. It’s better to be prepared for retirement and what that means.
“Most people take Social Security at age 62, when they are eligible. Most financial advisers suggest you wait until 66 or 70. Decisions should be part of your financial plan. Every case is different.”
“It’s a big decision, one we’ll all have to make: Should I take Social Security as soon as I’m eligible, at age 62, or wait till I’m 66 … or even 70, when I would receive the maximum benefit?”
Check out this article at usatoday.com. Maybe it will help with some of your questions.