First of all, let’s clear the air a little bit. Your benefits are based on your wage history. More specifically, they’re calculated depending on your 35 highest paid years. You can claim them in full when you reach your full retirement age, which is different for everybody because it’s based on your birth year. For some, this might be at 66 or 67.
But if you decide to claim before that time, you’ll see a decrease in monthly checks. However, if you wait until you’re 70, you’ll stand to gain more. That’s the reason why deciding on when to do it isn’t so cut and dry.
Here are five reasons you should withdraw the money as early as possible, when you turn 62, and 5 other reasons to wait until later. At the end of the day, it’s up to you, but we hope these tips will help put your finances into perspective and make it easier for you to decide.
For this topic, it's worth quoting Benjamin Franklin who once said: "In this world, there…
If you're about to retire, then you probably want to be sure you'll never be…
There is a research center at George Mason University called the Mercatus Center, which has…
Social Security is definitely a safety net for lots of Americans. You might not even…
We go grocery shopping throughout our whole lives, and that's a fact. Given the fact…
When it comes to retirement, things like income, taxes and retirement plans are always prioritized.…