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What is Your FRA (Full Retirement Age)?

Does it make sense to claim your Social Security benefits at age 62?

 Drawing on your Social Security benefit may be the biggest decision of your retirement.  This will have a ripple effect on many aspects of your life when you quit working.  Some people don’t have a choice due to health concerns or losing their job through no fault of their own, but too many eligible retirees take their benefits early, thereby locking in the lowest possible benefit for rest of their lives.  Is that the wisest course of action?  Or the selfish one?

 When you delay claiming benefits, you will receive an 8% credit for every year you wait, until you reach the age of 70.  That is an 8% increase in your guaranteed lifetime income for every year you delay claiming benefits.

 If you are married, chances are your surviving spouse will also be affected by your decision of when to claim.

 But even more important, if you claim early and receive the lower benefit, that will force you to withdraw more funds from your other assets which will increase the risk of running out of money at a time in your life when you won’t be able to go back to work. 

In retirement, Social Security may represent the single largest asset you possess, even more than your home or your investment portfolio.  It will be very important for you to get it right the first time.  Besides, there are only so many greeter jobs available at Walmart.


At Retirement Income Specialists, we host Social Security educational workshops where you can learn all the pitfalls and stumbling blocks that could derail your retirement plans.   Be sure to check out the EVENTS tab on this website for our upcoming Maximizing Social Security workshops.  Registration is MANDATORY.  Anyone failing to register for a Social Security class in advance may be denied entrance.

Free Retirement Guide

It's never too soon to start preparing for retirement. But do you know what to look out for? Download our free ebook, "Retire Happy: A Simple Guide to Your Next Big Adventure."

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