Collecting at 62: The Early Option
Did you know that you can start collecting Social Security as early as age 62? While this provides access to funds sooner, it won’t be your full possible benefit. In fact, your monthly check could be significantly reduced. To determine if collecting early makes sense for your financial situation, be sure to use a Social Security benefits calculator.
Full Retirement Age (FRA): 67 for Many
If you were born in or after 1960, your Full Retirement Age (FRA) is 67. This is the age at which you can collect 100% of your entitled benefits. If you were born before 1960, your FRA may be slightly lower—check with the Social Security Administration to confirm your specific retirement age.
Waiting Until 70: Maximizing Your Benefits
Patience can pay off! If you delay collecting Social Security until age 70, you can maximize your monthly benefit. In fact, waiting could increase your Social Security check by 24% or more compared to claiming at your FRA. This increase can provide greater financial security in your later years.
Making the Right Choice for You
Deciding when to collect Social Security is a personal choice that depends on your financial needs, health, and long-term retirement goals. By understanding key retirement milestones, you can make a confident and informed decision about your future.
Need help determining how Social Security fits into your financial plan? We’re here to help! Our Clarity Portrait will provide a clear picture of how your retirement age aligns with your goals, helping you plan for a secure and fulfilling future.
