There is not much difference between requiring social security for an FRA of 67 versus filing a year ahead of time. In that case, you reduce your monthly benefit by just over $ 100. And if you have a reason to file a year ahead of time, do not.
But notice what happens to your monthly benefit if you submit an application at age 62. Suddenly, you get hundreds of dollars less month. It’s a hit you might not be able to afford.
Moreover, you can not fail to notice the difference between claiming benefits at the age of 62 compared to enduring up to 70 years. In this example, you’re talking about winning – or losing – $ 864 a month. That’s a gap of more than $ 10,000 in income per year.
What is the right application age for you?
It may be the case that social security claims at the age of 62 or 63 make sense to you, despite the fact that it causes your benefits to be affected by the filing so early. Or, if you are low on savingsyou may decide to defer your application for at least one year after OFF to give your monthly benefit a boost.