Why Not Claim Social Security at 62?
Retirees have a choice about when to claim their Social Security retirement benefits, but for most people, 62 is the earliest age at which you can start them.
Retirees have a choice about when to claim their Social Security retirement benefits, but for most people, 62 is the earliest age at which you can start them.
For most Americans, Social Security plays an important role in maintaining retirement security. The benefit payments represent an income stream that is free of default, investment, inflation and longevity (outliving your money) risks.
If you’re between 55 and 64, you still have time to boost your retirement savings. Whether you plan to retire early, late, or never ever, having an adequate amount of money saved can make all the difference, both financially and psychologically. Your focus should be on building out—or catching up, if necessary.
According to the U.S. Census Bureau, the average age of widowhood in the United States is a surprisingly young 59.
Many people are looking forward to 2020, simply because it’s the start of a new decade. However, if you plan to retire in 2020, then you clearly have your own set of reasons to get excited for the year ahead.
Turning 65 is a major milestone for many Americans, as it is the traditional age at which they start thinking seriously about retirement.
Social Security benefits have long been a critical part of Americans’ retirement income plans. After all, the monthly benefits provide a stream of income that is adjusted for inflation annually and can’t be outlived. With the decline of pensions and increasing life spans, Social Security is now playing a larger role in shoring up retirees’ nest eggs.
When you withdraw funds from your 401(k)—or ‘take distributions,’ in IRS lingo—you begin to both enjoy the income from this retirement mainstay and face its tax consequences.
Social Security and Medicare are social safety programs that Americans pay into during their working years through taxes.
Understanding the rules about Social Security benefits and when to start claiming Social Security can be difficult. However, they’re critically important, especially for women—since women typically live longer lives than men.