Quick Answer: Is It Better To Retire At 62 Or 66?

Do you get more money if you retire at 63 instead of 62?

Age 63.

Monthly Social Security payments are reduced if you sign up at age 63, but by less than if you claim payments at age 62.

A worker eligible for $1,000 monthly at age 66 would get $800 per month at age 63, a 20% pay cut.

If your full retirement age is 67, you will get 25% less by signing up at age 63..

Is it better to take Social Security at 62 or 66?

If you start taking Social Security at age 62, rather than waiting until your full retirement age (FRA), you can expect up to a 30% reduction in monthly benefits with lesser reductions as you approach FRA. … That could be at least a 24% higher monthly benefit if you delay claiming until age 70.

Does it make sense to retire at 62?

You can start to collect Social Security retirement benefits as early as age 62, but your monthly check will be lower than if you wait until your full retirement age. … 2 Still, there are several situations when taking Social Social early makes sense—even if it means a smaller check.

What is the average Social Security benefit at age 62?

The question is, what can the typical retired worker expect to receive from Social Security at age 62? According to payout statistics from the Social Security Administration in June 2020, the average Social Security benefit at age 62 is $1,130.16 a month, or $13,561.92 a year.

Why retiring at 62 is a good idea?

Reason #1: Retire Early if You Want to Stay Healthier Longer But not all work is good for you; sometimes it’s detrimental to your health. Retiring at 62 from a backbreaking job or one with a disproportionately high level of stress can help you retain, or regain, your good health and keep it longer.

What are the disadvantages of taking Social Security at 62?

Benefit Reduction As of 2012 and assuming Congress makes no changes, taking your Social Security retirement benefit at age 62 instead of waiting until age 66 locks you into a 25 percent lower monthly benefit for the rest of your life. This is the single-biggest danger from taking benefits early.