Five Compelling Reasons to Consider Collecting Social Security at Age 62

📅Collecting Social Security early can be beneficial for individuals with a shorter life expectancy.

💰Collecting early and investing the money can potentially result in a higher overall portfolio value.

👨‍👩‍👦If there is a significant age gap between spouses, collecting at 62 can maximize overall benefits for the couple.

🔐Collecting at 62 can unlock other benefits, such as child's benefits or spousal benefits.

💡In certain situations, collecting Social Security early may be necessary to meet immediate financial needs.

Is it always better to wait until full retirement age to collect Social Security?

—No, it depends on individual circumstances. Factors such as life expectancy, financial needs, and spousal situations should be considered when making the decision.

Is collecting Social Security at age 62 a permanent decision?

—No, there is an option to suspend benefits and allow them to grow in certain situations. It is important to consider long-term financial goals when making this decision.

Does collecting Social Security early affect the amount of benefits received?

—Yes, collecting at age 62 results in a reduced monthly benefit compared to waiting until full retirement age. However, the total amount received over a lifetime may not significantly differ.

Can collecting Social Security at age 62 impact other retirement income sources?

—Yes, collecting early may impact the taxation of Social Security benefits and could affect other sources of retirement income. It is important to consider the overall financial impact.

Should I consult a financial advisor before making a decision on when to collect Social Security?

—It is highly recommended to consult a qualified financial advisor who can provide personalized advice based on your unique situation.

00:00Despite common advice to defer Social Security benefits, collecting at age 62 can be a smart move in certain situations.

01:00One key reason is that individuals with a shorter life expectancy can benefit from collecting early.

03:30Another reason is that collecting at 62 and investing the money can lead to a higher overall portfolio value.

06:40For couples with a significant age gap, collecting at 62 can maximize overall benefits.

09:40Collecting at 62 can also unlock other benefits, such as child's benefits or spousal benefits.

12:00In some situations, collecting early may be necessary to meet immediate financial needs.

15:20While collecting early may result in a reduced monthly benefit, the total amount received over a lifetime may not differ significantly.

18:10Factors such as life expectancy, financial needs, and spousal situations should be considered when deciding when to collect.