Ron Weighs Claiming Social Security at 62 With $250,000 Saved
Updated
Updated · Yahoo Finance · Nov 8
Ron Weighs Claiming Social Security at 62 With $250,000 Saved
3 articles · Updated · Yahoo Finance · Nov 8
Summary
At 61, Ron wants to leave work early but has only $250,000 in retirement savings and a nonworking wife, making an age-62 Social Security claim look like a possible bridge.
Claiming at 62 would cut his benefit by roughly 30% versus waiting until his full retirement age of 67, a trade-off that could strain a household living on one income.
A $2,500 monthly benefit at 67 would fall to about $1,750 at 62, while waiting until 70 would raise it to roughly $3,100 — a $1,350 monthly gap.
Ray R. Harris of Social Security Claiming Expert said Ron should separate the decision to retire from the decision to claim benefits, rather than treating both as a package.