The pros of drawing Social Security early, is that you will start collecting funds, if you need them. However, if you don't need them, you should wait until age 65, because you will get a lesser amount than you will have full retirement age
Permanent reduction in benefits. Drawing at age 62 instead of FRA of 66 is a 25% reduction. Waiting to collect at 70 instead of 66 is a 32% enhancement.
If you're still working and collect SS before FRA, benefits will be reduced for income earned over certain levels, until you reach FRA.
People are living longer. Social Security is a form of public pension, payable for your lifetime.
For a married couple, a surviving spouse will continue receiving the largest Social Security benefit of the two. A potentially good reason to delay claiming and get SS benefits as large as possible.
A lot of folks are leaving literally $100,000+ on the table (over their lifetime) by making a poor Social Security claiming decision. I'd encourage you to find an adviser who's (genuinely) expert in Social Security claiming and taxation and hire them to help you analyze your best options.
Presuming you don't just have to have the extra income (or maybe it's only income) you have to know what the best time to apply for Social Security and to know that you have to know whe you are going to die. It's that simple. The pros of drawing it early (before 66 for people eligible right now) is that you start getting money immediately. If you don't make it to 76 years and four months you will collect more than if you waited. After that it pays to wait. If you expect to live a long time, hold off until age 70 when you will gget 176% of what you would get at 62 (more than that actually because your have eight more years of earnigs in the equation) but you will get it for eight fewer years. If you wait until you are 70 and get run over by a car at 70 1/2 you will wish you had started taking is sooner but you clean up if you live to 90.
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