What Is the Social Security Retirement Age? 62 vs 67 vs 70 Explained

There’s no single retirement age for Social Security, and most people can start retirement benefits as early as age 62. Any month between age 62 and 70 could make sense.

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Claiming at age 62 helps you get cash flow sooner, but you’ll have a smaller benefit than if you wait. There are certainly situations where age 62 is right, but explore the alternatives. For every month you wait, you get a slight increase in your payment until age 70.

Sometimes it's a tax-smart strategy to retire and spend down some savings before you start Social Security. That can help you manage future required minimum distributions (RMDs).

Full retirement age (FRA) can also be important, especially if you’re trying to get the full spousal benefit. That’s age 67 for many people approaching retirement.

Speaker: Justin Pritchard, CFP®, a fee-only fiduciary advisor who can work with clients in all U.S. states.

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Justin Pritchard, CFP® is a fee-only fiduciary advisor who can work with clients in all 50 states.

IMPORTANT:
It's impossible to cover everything you need to know in a video like this. The only thing that's certain is that you need more information than this. Always consult with a CPA before making decisions or filing a tax return. This is general information and entertainment, and is not created with any knowledge of your circumstances. As a result, you need to speak with your own tax, legal, and financial professional who is familiar with your details. This video is not a substitute for individualized, personal advice. Please verify with your plan administrator when employer plans are involved. This information may have errors or omissions, may be outdated, or may not be applicable to your situation. Investments are not bank guaranteed and may lose money. Opinions expressed are as of the date of the recording and are subject to change. “Likes” should not be considered a positive reflection of the investment advisory services offered by Approach Financial, Inc. The Comments section and any other third-party content contains opinions that are not the opinions of Approach Financial, Inc., and you should view all comments with skepticism. Approach Financial, Inc. provides advisory services through XY Investment Solutions, LLC, an SEC-registered investment advisor.

Видео What Is the Social Security Retirement Age? 62 vs 67 vs 70 Explained канала Justin Pritchard, CFP® on Retirement Planning