Social Security: 5 reasons not to retire at age 62

Applying for retirement at age 62 may be tempting, but unless you have enough savings, require retirement due to illness, or are unable to work anymore due to certain circumstances, The best and most recommended is to postpone retirement until full or maximum age.

The first reason why it is not advisable to retire at age 62 is that older adults who claim their Social Security benefits early often risk their monthly payments, since The entity subtracts 30% from your checks every month, which causes you to receive the minimum amount of the benefit.

The next reason is that although many of the debts such as mortgages, among others, no longer exist by the time of retirement, there are important expenses that must be taken into account, such as; paying medical bills, travel and emergency savings.

Therefore, experts in the field such as financial advisor Suze Orman advise waiting a few more years before requesting your retirement payments from the Social Security Administration, the specialist indicates that For each year after full age, the benefit increases by 8%.

Likewise, as a fourth reason, it is highlighted that retiring early will have less time to save enough money for your expenses after retirement. Many people neglect this important area. Having five or eight more years to increase savings really makes a big difference.

Finally, the fifth and final reason why it is best to wait a few more years after age 62 to retire is that spouses and dependent children usually receive a portion of the benefit, so If the amount is minimal, it will also affect the amount they obtain monthly.

Keep reading:

• Social Security: people over 65 years of age and people with disabilities will have two payments
• Social Security: know the changes that will occur in May payments
• Who could be left without Social Security checks in May?