Getting Social Security at Age 62

Age 62 is the earliest you qualify for social security in most cases. Should you take it at that time? I recommend that you do not if you are healthy and don't really need the additional funds. Why, because you will get a lot more if you wait. You will take a 25% cut from what you would get at your full retirement age which is age 66 for those born 1943-1954. If you can wait until age 70, you will get 8% more each year from age 66 to age 70 or a permanent increase of 32% more for life. Unfortunately, over 80% of those eligible at age 62 start taking social security benefits. Be in the other 20% if you can.