This doesn’t mean you should, of course actually claim social security at age 62. If your job is stable by the time you reach that age and your health allows you to keep it up, working longer and delaying applying for benefits can be a very smart financial move.
Rather, the point is that you should not assume that you will receive the same generous amount of Social Security benefits that you qualify for. Instead, to play it safe, assume you’re stuck with a lower advantage so you can plan accordingly.
Don’t rely too much on Social Security
Regardless of what age you can claim Social Security, one thing you need to know is that your benefits will only replace a modest portion of your pre-retirement income, and you should definitely plan to have other income to supplement them. So even if you’re confident you can claim Social Security at FRA or beyond, it still pays to save yourself.
There is no such thing as having too much money for your retirement. And so if you’re pushing yourself to save on the assumption that you’re only looking at a lowered advantage to end up scoring an increased advantage, that’s still not a bad situation to end up in.
The $16,728 Social Security Bonus Most Retirees Completely Overlook
If you’re like most Americans, you’re a few years (or more) behind on your retirement savings. But a handful of little-known “Social Security secrets” can give your retirement income a boost. For example, one simple trick can save you as much as $16,728 more… per year! Once you know how to maximize your Social Security benefits, we think you can retire with confidence with the peace of mind we all strive for. Click here to learn how to learn more about these strategies.