3 Great Reasons to Take Social Security Benefits at 62 | The Motley Fool

The Motley Fool
Nov 6 · 4 min read

In the ever-popular “ when to claim Social Security” debate, you’ll often hear age 62 tossed around as a viable option. That’s the earliest age seniors can file for benefits, though claiming them at that point means reducing them in the process.

Here’s a quick refresher on how those benefits are calculated. The Social Security Administration (SSA) takes your average wages over your 35 highest-paid years in the workforce and adjusts them for inflation. Then, a special formula is applied to what’s known as…

Keep the story going. Sign up for an extra free read.

You've completed your member preview for this month, but when you sign up for a free Medium account, you get one more story.
Already have an account? Sign in

The Motley Fool

Written by

Founded in 1993 by brothers Tom & David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books & more

The Motley Fool

To make the world smarter, happier, and richer.

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade