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3 big reasons to take social benefits at 62

If you start collecting SSI age … … You get this% of your full SSI benefit if your FRA is 66 … You get this% of your full SSI benefit if your FRA is 67 [75] 75% [70%] [%] 80% [75%] [8645%] [%] 80% [ [9345%] [9345%] [9345%] [9345%] [%] [%] [%] [%] [%] [%] [%] [%] [%] [%] [%] 19% 68 [19659014] 116% [10%] [%] 69% 132% 124% [19659014] [%] Source: Social Security Administration. These numbers can make you think that it is a no-brainer that you should delay as long as possible, but that is not necessarily true. Delay can give you greater controls – but you get fewer of them. As the Social Insurance Agency has explained: "If you live to the average life of someone your age, you get roughly the same amount of lifetime benefits regardless of whether you choose to receive benefits at age 62, full retirement age, 70 or any age in between. " <p class =" canvas-atom canvas-text Mb (1.0em) Mb) – sm Mt (0.8em) – sm "type =" text "content =" It can Be reasonable to delay in some scenarios, for example, if you can afford to wait and whether your health and family history gives you reason to believe that you have a good chance of living beyond your average, if your spouse's pension benefits will be significantly less than yours. , you can aim to make your controls as large as possible so that he or she can collect…

If you start collecting SSI age …

… You get this% of your full SSI benefit if your FRA is 66

… You get this% of your full SSI benefit if your FRA is 67 [75] 75% [70%] [%] 80% [75%] [8645%] [%] 80% [ [9345%] [9345%] [9345%] [9345%] [%] [%] [%] [%] [%] [%] [%] [%] [%] [%] [%] 19% 68 [19659014] 116% [10%] [%] 69%

132%

124% [19659014] [%]

Source: Social Security Administration.

These numbers can make you think that it is a no-brainer that you should delay as long as possible, but that is not necessarily true. Delay can give you greater controls – but you get fewer of them.

As the Social Insurance Agency has explained: “If you live to the average life of someone your age, you get roughly the same amount of lifetime benefits regardless of whether you choose to receive benefits at age 62, full retirement age, 70 or any age in between. “

<p class =” canvas-atom canvas-text Mb (1.0em) Mb) – sm Mt (0.8em) – sm “type =” text “content =” It can Be reasonable to delay in some scenarios, for example, if you can afford to wait and whether your health and family history gives you reason to believe that you have a good chance of living beyond your average, if your spouse’s pension benefits will be significantly less than yours. , you can aim to make your controls as large as possible so that he or she can collect your more robust benefits if you destroy first. “data-reactid =” 33 “> It may be to delay in some scenarios For example, if you are raw d to wait and whether your health and family history gives you reason to believe that you stand a good chance of living beyond the average. If your spouse’s pension benefits will be significantly smaller than yours, you can also strive to make your controls as large as possible so that he or she can gather your more robust benefits if you destroy first.

But for many people, delays are not really worth it.

<h2 class = “canvas-atom canvastxt Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm” type = “text” content = ” Reason No. 2: You can only Don’t wait “data-reactid =” 35 “> Cause No. 2: You just can’t wait

Another excellent reason To start collecting your benefits at 62 is because you simply need the money. Your pension may begin earlier than you had planned. According to 2018 Transamerica Pension Survey of Pensioners, a total of 56% of respondents stated that they had retired rather than expected, with 24% of those quoting a job loss as the cause and 47% pointing to health or family-related causes.

Without a steady paycheck, postponing your social insurance means that you essentially live on your own savings, investments, pensions and other passive income sources you can have. But millions of Americans have not saved enough, as the following survey results from 2018 reflect:

Amounts saved for retirement

% of workers aged 55+

Less than $ 1,000

19%

$ 1,000 to [6%

6%

$ 10,000 to $ 24,999

3%

$ 25,000 to $ 49,999

7%

$ 50,000 to $ 99,999

8%

] $ 100,000 to $ 249,999

19%

$ 250,000 or more

38%

Source: 2018 Pension Trust Survey.

Even though you are among the better prepared retirees, you can put down your own assets so that you can endure for larger social security managers may not be the most cautious plan.

<h2 class = “canvas-atom canvas -text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm” type = “text” content = ” Justification No 3: To enjoy of retirement more “data-reaktid =” 42 “> Reason No 3: Enjoying retirement more

Just because your finances can let you delay the day when you start getting social insurance does not mean you wants. This is because the sooner you retire, the more you will be able to enjoy it. You get younger, probably healthier and more capable of getting involved in anything that makes you happy – whether it is traveling, walking tennis or golfing, gardening or just playing with your grandchildren. And after all, some of us will not live as long as we expect.

<p class = “canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm” type = “text” content = “It’s just a few reasons to start collecting your social security benefits early, so before you start making plans based on the idea that you start collect them later take some time to review your reasoning – and remember that it is possible to find some other ways to increasing your social security benefits at least a little. “data-reactid =” 44 “> It’s just a few reasons to start collecting your social security benefits early. So before you start making plans based on the idea that you start collecting them late, take some time to review your reasoning – and remember that it is possible to find some other ways to increase your social security benefits at least a little

<p class = ” canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm “type =” text “content =” More from The Motley Fool “data-reactid =” 45 “> More from The Motley Fool

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