Most financial experts recommend waiting to claim Social Security retirement benefits at least until your full retirement age, which is now 67, or even as late as age 70. However, for some individuals, claiming at 62 may make sense, especially if they are in poor health or have limited financial resources.

Factors to Consider

When deciding when to claim Social Security benefits, several factors come into play, including health and longevity expectations, marital and parental status, and economic needs. For example, if you are in poor health, it may be beneficial to claim at 62, as you may not live long enough to collect the full amount of benefits if you wait until 67 or 70.

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

Seeking Professional Advice

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

By understanding the rules and factors that affect Social Security benefits, individuals can make informed decisions about when to claim their benefits and maximize their retirement income.

Original reporting: KTVZ (Central Oregon) — read the source article.