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Social Security 62 vs 67 vs 70 - When Should You Claim It? (Social Security Comparison!)
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Social Security 62 vs 67 vs 70 - When Should You Claim It? (Social Security Comparison!). In this comparison video I will talk about Social Security 62 vs 67 vs 70.
So, the main difference between them is the benefits.
The earliest one can claim their social security benefits is 62 years old, and currently, these retirees are only compensated 70% of their retirement plan. If one opts to claim at the age of 67 years, it is expected that 100% of their benefits entitlement will be given. Finally, claiming at 70 years old means you shall receive 124% of your retirement benefits.
Social Security benefits at 70, therefore, are the most advantageous.
Life Expectancy Factor
With retirement benefits, life expectancy heavily influences the age at which they should be claimed. For those that claim them at age 70, they are expected to live longer because of their current good health. Retirees who claim at 67 and 62 tend to have more health issues, which impact their life expectancy. Claiming early also works for those who fear dying before getting benefits.
Claiming social Security benefits at 62 is, therefore, a surer way of receiving them before passing.
Other Income Sources Factor
When getting your social security benefits, it is also important to factor in income streams. Claiming at 62 is encouraged when one does not have other sources of income and is in dire need of funds. Claiming at 67 is for those who work but cannot be sustained by employment alone. Lastly, social security benefits at age 70 are best suited for those who have stable and sufficient sources of income.
Claiming social security benefits at 62 is, therefore, more secure in cases of unemployment.
But do they have any similarities?
Yes, they do. The process of claiming benefits at 62, 67, and 70 is the same. One can either call or visit their local Social Security office. Additionally, retirees receive these benefits through direct deposit in their bank accounts irrespective of the age they choose to claim them.
To sum up, which is better – Age 62, 67 or 70?
As a recent retiree who got their benefits at 62, the convenience of getting them early provides a lot of security since I do not have good sources of income. I also like that I get to enjoy the money before my cancer gets any worse. On the other hand, my husband waited until he was 70 to claim his benefits, and it was a good option for him since he was still fit and had multiple streams of passive income. Ultimately, this is a personal decision, but I recommend people to claim at 67 since it is right in the middle of 70 and 62 and seems to enjoy the best of both worlds.
If you found this tutorial helpful, kindly show your support by giving it a thumbs up and sharing your thoughts in the comments below. Your feedback is greatly appreciated. Thank you!
►Disclaimer◄
This channel DOES NOT promote or encourages any illegal or unethical activities and all content provided by this channel is meant for EDUCATIONAL PURPOSES only.
This video is solely intended for educational purposes only. The information presented has been thoroughly researched and sourced from reputable outlets, including, but not limited to, Google, social media platforms, and online forums. Our team has meticulously crafted original content centered around this topic, utilizing a comprehensive approach to ensure accuracy and reliability.
The Savvy Professor is a YouTube channel that provides up-to-date information on various topics, ranging from finance ,technology ,gaming, how-to tutorials, product reviews, and roundups. Our channel is dedicated to delivering informative, original, and unbiased content that viewers can appreciate.
.................................
Content Credit :
The visual content featured in this video has been obtained from reputable sources, including Google Images, official websites, and stock footage clips.
Furthermore, the information presented in this video has been derived from various reliable data sources, such as Wikipedia, Google search, Forums and other social media platforms.
The video has been professionally edited using a combination of Adobe Premiere and Adobe After Effects, to create original content thats is engaging for our viewers.
.....................................
FTC Disclosure: The Savvy Professor is a participant of Amazon Affiliate Program. Provided Amazon product links are linked to my Amazon Affiliate account & I receive small commissions from every successful purchase made using these links.
So, the main difference between them is the benefits.
The earliest one can claim their social security benefits is 62 years old, and currently, these retirees are only compensated 70% of their retirement plan. If one opts to claim at the age of 67 years, it is expected that 100% of their benefits entitlement will be given. Finally, claiming at 70 years old means you shall receive 124% of your retirement benefits.
Social Security benefits at 70, therefore, are the most advantageous.
Life Expectancy Factor
With retirement benefits, life expectancy heavily influences the age at which they should be claimed. For those that claim them at age 70, they are expected to live longer because of their current good health. Retirees who claim at 67 and 62 tend to have more health issues, which impact their life expectancy. Claiming early also works for those who fear dying before getting benefits.
Claiming social Security benefits at 62 is, therefore, a surer way of receiving them before passing.
Other Income Sources Factor
When getting your social security benefits, it is also important to factor in income streams. Claiming at 62 is encouraged when one does not have other sources of income and is in dire need of funds. Claiming at 67 is for those who work but cannot be sustained by employment alone. Lastly, social security benefits at age 70 are best suited for those who have stable and sufficient sources of income.
Claiming social security benefits at 62 is, therefore, more secure in cases of unemployment.
But do they have any similarities?
Yes, they do. The process of claiming benefits at 62, 67, and 70 is the same. One can either call or visit their local Social Security office. Additionally, retirees receive these benefits through direct deposit in their bank accounts irrespective of the age they choose to claim them.
To sum up, which is better – Age 62, 67 or 70?
As a recent retiree who got their benefits at 62, the convenience of getting them early provides a lot of security since I do not have good sources of income. I also like that I get to enjoy the money before my cancer gets any worse. On the other hand, my husband waited until he was 70 to claim his benefits, and it was a good option for him since he was still fit and had multiple streams of passive income. Ultimately, this is a personal decision, but I recommend people to claim at 67 since it is right in the middle of 70 and 62 and seems to enjoy the best of both worlds.
If you found this tutorial helpful, kindly show your support by giving it a thumbs up and sharing your thoughts in the comments below. Your feedback is greatly appreciated. Thank you!
►Disclaimer◄
This channel DOES NOT promote or encourages any illegal or unethical activities and all content provided by this channel is meant for EDUCATIONAL PURPOSES only.
This video is solely intended for educational purposes only. The information presented has been thoroughly researched and sourced from reputable outlets, including, but not limited to, Google, social media platforms, and online forums. Our team has meticulously crafted original content centered around this topic, utilizing a comprehensive approach to ensure accuracy and reliability.
The Savvy Professor is a YouTube channel that provides up-to-date information on various topics, ranging from finance ,technology ,gaming, how-to tutorials, product reviews, and roundups. Our channel is dedicated to delivering informative, original, and unbiased content that viewers can appreciate.
.................................
Content Credit :
The visual content featured in this video has been obtained from reputable sources, including Google Images, official websites, and stock footage clips.
Furthermore, the information presented in this video has been derived from various reliable data sources, such as Wikipedia, Google search, Forums and other social media platforms.
The video has been professionally edited using a combination of Adobe Premiere and Adobe After Effects, to create original content thats is engaging for our viewers.
.....................................
FTC Disclosure: The Savvy Professor is a participant of Amazon Affiliate Program. Provided Amazon product links are linked to my Amazon Affiliate account & I receive small commissions from every successful purchase made using these links.
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