As you approach retirement age, one of the biggest financial decisions you’ll make is when to start taking your Social Security benefits. Should you take them early, at age 62, or wait until your full retirement age (FRA), or even later? The answer depends on your individual circumstances and financial goals. Here are some pros and cons to consider for each option:
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Ultimately, the decision of when to take Social Security depends on your individual financial situation and goals. It’s important to consider factors such as your health, longevity, retirement savings, and other sources of income. Additionally, you may want to consult with a financial advisor or Social Security expert to help you make an informed decision.
In conclusion, taking Social Security early or waiting until later both have pros and cons. Carefully weighing your options and considering your individual circumstances can help you make the right decision for your retirement income strategy.