One of the most common questions we receive is “When should I start claiming Social Security?” If you are like most people we encounter, this can be a confusing and sometimes stressful issue. Adding to the confusion, is the inundation of articles every day extolling the benefits of drawing as early as possible or delaying till age 70 in order to gain the highest possible benefit. So which one is it? Unfortunately, because each situation is unique, there is no rule of thumb on this issue, which makes it imperative to analyze each individual circumstance.
Technically, you can begin claiming social security at any point after turning 62. However, there are three separate ages which act as milestones for benefits: at Age 62, at Your Full Retirement Age, and at Age 70.
Claiming at Age 62
The benefits to claiming at age 62 are straight-forward. By starting as early as...