3 Reasons to Claim Social Security at 62
Despite the reduction in benefits, an early claim could make sense.
Claiming Social Security benefits at 62 results in reduced payments. According to Motley Fool, benefits are reduced by about 30% compared to what one would receive at 67, which is full retirement age for those born in 1960 or later.
Social Security remains a crucial part of retirement income for many Americans. A Gallup survey, as reported by Hindustan Times - World News, found that 80% to 90% of retirees rely on their monthly Social Security payment to cover some of their expenses.
The annual Social Security cost-of-living adjustment, or COLA, is closely watched to help retirees keep up with rising prices. The COLA is an annual increase in Social Security payments, intended to maintain retirees' purchasing power. Projections suggest that the 2027 Social Security increase could be larger than the increase in Medicare Part B premiums, potentially benefiting retirees who pay these premiums.
Brief written by urgent.news from Motley Fool, Hindustan Times - World News — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
