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Here are 3 great reasons to take Social Security benefits at 62

Source: azcentral.com - Nov 8, 2019

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 your AIME, or average indexed monthly earnings, to determine how much money you'll be eligible to collect at full retirement age, or FRA.

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Category: General Business