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At the age of 62, you’re finally able to get back all that money you put in to Social Security, but that doesn’t mean you should. We aren’t saying you aren’t entitled to it—but as you create a retirement plan, you may want to consider holding off a bit longer.
The thing is, what you think is retirement age is a few years shy of when the government thinks you should prop up your feet and let down your hair. “Official” retirement age is 66, according to the Social Security Administration, and if you take your benefits to early, you’ll reduce the amount you get for the remaining years you draw a check.
Whether or not you wait depends on what other means you’ve set aside for retirement and whether or not you’re in good health. If you have enough to live comfortably and don’t have immediate medical needs, then waiting until you’re 66 to start drawing benefits is the best way to go—benefits increase by 7% each year you delay taking it.
We’ve said before that you shouldn’t rely on Social Security too heavily in your retirement years, but that doesn’t mean you shouldn’t get as much as you can. After all, it’s your money! [Yahoo! Finance]