If you’re getting into the latter part of your career, retirement is probably on your mind quite a bit. However, retirement can be scary – especially from a financial perspective. With that in mind, here are four of the most common personal finance questions asked by pre-retirees and how to find the best answers to them.
When is the best time to take Social Security?
You can choose to start collecting Social Security anytime between the ages of 62 and 70. And there are a few things you need to consider before you can decide the best age for you.
First of all, the longer you wait, the higher your monthly Social Security benefit will be. If your full retirement age is 66, starting benefits at 62 results in a permanent reduction of 25%, while waiting until 70 increases your benefit by 32%.
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