Claiming Social Security at 62 gives you three extra years of payments, but each monthly check is permanently smaller than it would be if you had waited until 65. Delaying benefits means giving up that early income in exchange for a larger monthly payment later. The break-even point shows when those larger checks catch up to the benefits collected by claiming early. Comparing that crossover age with your income needs, life expectancy and other retirement resources can help put the tradeoff in context.
A financial advisor can review a range of retirement strategies with you , including your optimum retirement age.
How Social Security Benefits…
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