15 Jun Should I take Social Security at age 62?

Q. I’m planning to retire at age 62, but I’m not sure if I should take Social Security then or wait to let the benefit grow. How can I decide?
— Unsure

A. Choosing when to take Social Security is a big decision.

You can apply for Social Security benefits as early as age 62 or delay it until you are 70 years old.

The longer you wait, the larger your benefit will grow.

If you apply at age 62 instead of your Full Retirement Age (FRA) of 67, your benefits will be reduced by 30%.

Each year you wait, the benefit will grow.

The increase in benefits between age 62 and 70 years is almost 80%.

If you’re in good health and have other sources of retirement income to cover expenses, it makes sense to delay applying for benefits.

Consider trying Social Security’s benefits calculator to see how your benefits will change over time.

Email your questions to .

This story was originally published on June 15, 2023.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.