Three Important Facts About Social Security
YOU CAN START TAKING BENEFITS AT AGE 62.
The earliest age you can start taking social security benefits is at age 62. However, the longer you wait, the more benefits you can collect. For example, you may be able to collect 25% - 30% MORE benefits if you wait until full retirement age, which is currently age 67.
YOU CAN DEFER YOUR BENEFITS UP TO AGE 70.
Waiting until age 70 to start claiming benefits can boost your benefit by up to 8% per year that you wait. This is known as the “Delayed Retirement Credit”. Click here to view a helpful chart on the Social Security Website.
SPOUSAL BENEFITS MAY APPLY.
A divorced individual can collect social security benefits based on the ex-spouse’s work history if the couple was married for at least 10 years.
With the record growth in home equity in recent years, you may want to consider a "reverse mortgage" to supplement your post-62 income. This could improve your cash flow and help you defer and boost your social security benefits.
Source: Momentifi