Seniors can start taking Social Security the first month they turn 62. But is that always the most financially sound choice?
Experts say there are several factors to consider before doing so.
For those born between 1943 and 1954, the “full retirement age” is 66 years old. The full retirement age goes up two months every year after 1954 until 1960 when it is age 67, said Patty Hoffman, a public affairs specialist for the Social Security Administration.
For example, the “full retirement age” for someone born in 1956 is 66 years and four months.
Hoffman said seniors won’t get their full benefit if they begin taking it before full retirement age.
Experts say there are several factors to consider before doing so.
For those born between 1943 and 1954, the “full retirement age” is 66 years old. The full retirement age goes up two months every year after 1954 until 1960 when it is age 67, said Patty Hoffman, a public affairs specialist for the Social Security Administration.
For example, the “full retirement age” for someone born in 1956 is 66 years and four months.
Hoffman said seniors won’t get their full benefit if they begin taking it before full retirement age.
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