Social Security is a monthly check provided to the citizens aged 62 years or more and there has been a gradual increase in the benefits due to the increase in COLA. The benefits are provided to those having a low income and the benefits can be claimed on the dates as per your birthday. The monthly checks will be provided to the ones who are eligible for the benefits and they shall get the amount transferred to their account. The benefit can be filed at the age of 62 years due to various reasons and we have talked about the same in this article. The post given below will tell the reasons to file the benefits at the age of 62 years.
5 Perfect Reasons To File Social Security At Age 62
The Social Security Administration SSA gives the retirement benefits to all the citizens eligible for Social Security and are of age 62 years or more. The Social Security benefits start from the age of 62 years and will be the highest when you turn 70 years and claim at that age. The benefits will be 100% of the retirement benefits if claiming at the age of 67 years. The early benefits can lead to a reduced benefit but it is a good fact that you collect the benefits early as you will not be able to miss out any of the monthly benefits. The reason to collect the benefits at 67 is just to have an increased amount but this case may lead to missing out the benefits for a period of 5 years which may lead to low investments.
People may think that waiting for a greater period may be good or bad and this fact can be cleared through the reasons which we have stated below to know if you should File For Social Security At Age 62. The life prediction is uncertain and the one who is having any of the medical ailments shall definitely claim the benefits at the age of 62 years as if death occurs before 67 years, no benefit will be provided to the citizens.
There can we cases when you need your benefits early as you have no income, so you can file for the benefits at an early age. This post will take you through the reasons to claim the benefits at the age of 62 years.
ssa.gov File Social Security At 62
Retirement is the time when a beneficiary will have low income and only a fixed amount will be paid to them. The benefits will start as early as 62 years and the monthly benefit is provided on every Wednesday starting from 2nd Wednesday. You might not be aware that there are various benefits for claiming the benefits at the age of 62 years.
| Article Name | 5 Perfect Reasons To File Social Security At 62 |
| Organization Name | Social Security Administration |
| Benefit | Social Security Benefits |
| Beneficiaries of Social Security | Low income residents of United States |
| Eligible age | 62 years and above |
| Benefit Amount | $168600 |
| Benefit Mode | Direct Deposit |
| Payment date | As per DOB |
| Post Type | Finance |
| Website | ssa.gov |
Reasons To Claim Social Security At 62
To know the reasons to file Social Security at the age of 62 years, you shall check the below mentioned points.
- You Are Not Sure To Live Till Break Even:
The first and the most important reason to claim the benefit at 62 is due to shorter life expectancy and it is a saying that the higher you wait the higher will be your benefits. The ones who are having any health issues will not be having a greater life expectancy and it is not good for them to wait till 67 years to get the benefits. If you die before turning 67 years, no benefit will be given to you. The benefit at the age of 62 years will be 71 to 73% but you will surely get the benefits.
- You Want To Preserve The Retirement Investment:
If you claim the benefits at the age of 62 years, you will be able to invest your money rather than waiting longer. If it is the inflation time, you could increase the benefits and you could get a higher income in your portfolio.
- You Have A Source of Guaranteed Lifetime Income:
Since the retirement benefits are the only source of the income you will have, it is always better to claim the benefits at an early age. The Social Security income is the only benefit you are getting and if you wait for a longer time, you may not have any income to rely upon and this retirement income is the only benefit you have.
- You Will Switch From Your Benefits To Spouse Benefits:
When some people have their own benefits but it is less than the spousal benefits and in that case one of the spouses can get the benefits for a number of years and they can later switch to the benefits for the spouse who is getting the higher amount.
- You Are Not Able To Work After 62 Years:
There can be times you will not get the benefits even after waiting for a longer time period as sometimes you will be laid off after 62 years and might not even get work after that age. If you continue to get the benefits later on and think about working, you might not be that healthy so you shall file for the benefits at the age of 62 years for a healthy lifestyle.
FAQs On 5 Perfect Reasons To File Social Security At Age 62
The monthly retirement benefit for the seniors above 62 years is the Social Security benefit.
The best reason to file for Social Security at 62 years is due to shorter life expectancy and to have more investments.
The citizen could get 100% of the benefits at 67 years.
Yes, it is always better to claim for the benefits at 62 in case you are not able to work after 62 years as later on no retirement benefits will be provided.