Retirement Planning/social security benefits
I will be 62 in a couple of months and am not working (retired). Should I start collecting my SS benefits at 62 or is there an advantage (higher benefits) to waiting till I'm 66 or 70? Thanks for your help.
There are benefits to waiting but there are also drawbacks. You would get roughly 75% of your benefit if you take it at 62, whereas you would get 100% at 66 and roughly 132% if you waited until age 70. So for example, if your benefit at age 66 were $1000 per month, your age 62 benefit would be about $750 per month and your age 70 benefit would be about $1320 per month. The drawback is that if you waited and were to die before you collected your first check, you would have gotten nothing. How long you wait would depend on your individual situation. If it will severely hurt you financially to wait, then you may want to take it early. If you don't need the money, you could collect more in the long run if you waited but you would have to live a very long time for the less years of higher payouts to exceed the more years of lower payout.
I hope this helps. Best of luck!