Q: If I retire around 62, and have no other income, doesn’t it make sense to start social security early ?

A: It might, but most of the time the answer is no. For many of people, social security is the only source of guaranteed income they will receive in retirement. The difference in the monthly payment amount between those who start at 62 and those who wait until full retirement age can be up to 30%. Even if it means spending down other assets for several years, in most cases waiting is the optimal choice.
Some reasons to take social security income earlier include a diminished life expectancy or some strategies related to spousal benefits. Given the complexity of social security strategies, please contact us before making your claiming decision .