Taking Social Security At 62

Choosing between getting your Social Security benefits at 62

, or waiting until later? This depends on a number of factors. Since the age of 62 is the earliest you can start getting your payments, early retirement is an option. Here, you'll get reduced benefits, although there may also be advantages to not waiting until you reach normal retirement age.

If you're planning on earning more than the annual earnings limit before reaching full retirement age, you shouldn't take Social Security at 62. You'll receive reduced benefits.

If you're a retiree who's single, saved little money, and expect to live long, don't start drawing your payments at 62. Work while you still can to get the highest amount possible.

If you're married to a spouse who also works, your partner may have earned money that results in the taxation of your Social Security benefits. If you think you'll be earning less and paying lower taxes in the near future, you'll get better benefits with less taxes if you wait longer before you retire.

Take your Social Security payments at 62 if you won't be earning more that the annual limit from this age until full retirement age.

If you have health problems resulting in a shorter life expectancy, or you're married to a partner with larger benefits, don't wait until full retirement age to start drawing from your benefits.

If financial difficulties or other reasons require you to get your cash soonest, don't wait the additional years even if this means a reduction in benefits.

Taking Social Security benefits at the earliest or waiting until you reach the full retirement age each has its disadvantages and advantages. Review your retirement and financial plans with your tax advisor to know if it's best for you to get your payments when your plan matures or receive benefits as early as possible.

by: Carina Smith

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