By Jeanne Sahadi, CNN
(CNN) — Most financial experts will tell you to wait to claim your Social Security retirement benefits at least until your full retirement age (which is now 67) or even as late as age 70.
Why? Your benefit will be permanently lower if you claim at 62, which is the earliest age to start collecting. In fact, it would be 30% lower than what you’d receive if you wait until 67. And your benefit would be 24% higher if you wait until age 70.
So, say your initial monthly benefit at 67 would be $2,000. It would be reduced to $1,400 if you claim at 62; or increased to $2,480 at 70.
But figuring out the best age to claim your benefits isn’t always straightforward. That’s because your personal circumstance and finances (such as other sources of retirement income and your tax bracket) can be complex and so are the Social Security rules governing them. (Here’s just a small taste of the gazillion permutations that may apply.)
Factors to consider include your health and longevity expectations, your marital and parental status and your economic needs.
And some people of late also may be trying to factor in what might happen as we approach 2032, the year that the Social Security Trustees estimate the program will only take in enough revenue to pay out 78% of promised benefits unless Congress makes changes to the program – or simply decides to borrow to close the gap.
When 62 may be the right call
If you’re in poor health, it may make sense to claim at 62 if you don’t expect to live for many years.**
Depending on your health status, you may even qualify for Social Security Disability benefits, said Jack Smalligan, a senior policy fellow in the Tax and Income Supports Division at the Urban Institute. While it’s an arduous process to apply and can take a while to get approved, Smalligan said, it may result in a higher combined benefit than the reduced retiree amount you’d otherwise get at 62.
Another instance in which claiming at 62 might make sense: You retire earlier than you wanted due to a layoff or other circumstance and can’t make ends meet.
“Social Security is amazing if this does happen to you. It’s a really important backstop,” said Bill Sweeney, AARP’s senior vice president of government affairs.
Married couples’ complexities
The question of when to claim can get complicated when you’re married (or were married), and/or have dependent children.
For starters, married couples might want to strategize the best time for each spouse to claim their own retirement benefits to maximize what they can get as a family. This is especially relevant when there is a great age or earnings disparity between spouses, according to Martha Shedden, president and cofounder of the National Association of Registered Social Security Analysts (NARSSA).
And if you have a spouse or dependent children (or an ex-spouse) who would qualify for survivor benefits when you die, they are likely to get less after you’re gone if you claim at 62 than if you wait until your full retirement age.
Trying to anticipate Social Security changes?
The question of when to claim benefits is a current one for Gen Xers in their 50s and early 60s.
Given that Congress only has a short window to “shore up” Social Security’s revenue shortfall in 2032, some people may think claiming early might make it less likely their own benefit will be affected by lawmakers’ potential changes.
“When we were many years out it was universally agreed that there wouldn’t be cuts to retirees already collecting benefits in any meaningful way,” said Marc Goldwein, senior vice president of the Committee for a Responsible Federal Budget, which has a calculator that lets you choose options to cure the program’s shortfall.
But now, Goldwein noted, “It’s much more likely that some of the changes are born by current beneficiaries.”
In any case, trying to game out those changes by claiming early means “you’re doing a lot of guesswork there. Maybe you’re protecting yourself against a little bit of policy uncertain but you’re hurting yourself against other types of uncertainty,” Goldwein said.
One big one: You may live longer than you expect. If so, and you claim at 62, you are likely to receive less in lifetime benefits from the program than if you’d waited, even if modest benefit changes are made.
Making the call
It’s hard to make any decision until you have the latest estimates of what your benefits will be at different ages. The easiest way to get those is to sign up for an online Social Security account at ssa.gov.
Because there are lots of rules and permutations to be aware of – even for those who have never married or had kids – it may pay to consult with an accredited financial adviser who has training in how the program works. That could include a certified financial planner who is also a Retired Income Certified Professional (RICP) or Registered Social Security Analyst (RSSA).
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** Estimate your breakeven year. That’s when what you collect by claiming at 62 will be roughly the same as if you start claiming at 67 (or 70). For example, if your benefit at 62 would be $1,400 and your benefit at 67 would be $2,000, your breakeven year would be 78 – ($1,400 per month x 192 months = $268,800, not including inflation adjustments) vs ($2,000 per month x 132 months = $264,000). Beyond that age, your total lifetime benefits will be higher if you wait until age 67 to claim.
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