By Deborah Nayrocker
Dear Deborah: Next year I’ll turn 62 years of age. I’m thinking about retiring and collecting Social Security benefits when I turn 62, instead of waiting till I’m older. My husband is still working. Should I go ahead and get my benefits early or wait? – Carol
Answer: Consider this: The Wall Street Journal reported that in 2008 the oldest of the baby boomers turned 62 and many of them started claiming their Social Security benefits. They thought their government benefits, 401(k)s and other investments in the market would be enough for them live on. After the market meltdown, some of them needed to return to work.
Retirees who start collecting Social Security benefits early at age 62 usually receive 25% less in benefits than if they delay to claim benefits until their full retirement age. To maximize your benefits, it’s better to wait.
Early retirement age (62): Receive $750 per month
Full retirement age (66): Receive $1,000 per month
For more information about your options, go to www.socialsecurity.gov.
Deborah Nayrocker is an author and columnist. She is the award-winning author of The Art of Debt-Free Living and Living a Balanced Financial Life.
Copyright by Deborah J. Nayrocker. All rights reserved.