Most financial experts advise waiting to claim Social Security retirement benefits at least until full retirement age, which is now 67, or even as late as age 70. However, for some individuals, claiming at 62 may make sense, depending on their personal circumstances and finances.

Factors to Consider

Health and longevity expectations, marital and parental status, and economic needs are all important factors to consider when deciding when to claim Social Security benefits. Additionally, the Social Security rules governing these factors can be complex and nuanced.

For example, if an individual is in poor health and does not expect to live for many years, claiming at 62 may be a good option. Similarly, if an individual retires earlier than planned due to a layoff or other circumstance and cannot make ends meet, claiming at 62 may provide a necessary financial safety net.

Marital and Parental Status

For married couples, strategizing the best time for each spouse to claim their own retirement benefits can help maximize what they can get as a family. This is especially relevant when there is a significant age or earnings disparity between spouses.

Furthermore, if an individual has a spouse or dependent children who would qualify for survivor benefits when they die, claiming at 62 may result in lower benefits for them compared to waiting until full retirement age.

Seeking Professional Advice

Given the complexity of the Social Security rules and the many factors to consider, it may be helpful to consult with an accredited financial adviser who has training in how the program works. This can include a certified financial planner who is also a Retired Income Certified Professional (RICP) or Registered Social Security Analyst (RSSA).

Original reporting: KEYT (Ventura/Santa Barbara) — read the source article.