Social Security, it can be tempting to accept it at age 62. You might be thinking to take your benefits but it can be costly to you. If you start taking Social Security at 62, rather than waiting until your full retirement age (FRA), you will receive reduced benefits. FRA ranges from 65 to 67, depending on the year in which you were born and your annual cost-of-living adjustment (COLA) is based on your benefit. If you begin Social Security at 62, and start with reduced benefits, your COLA will be lower too.
If you can afford waiting it could be the better option evaluate your decision based on how much you’ve saved for retirement and your other sources of income for retirement. 70 years may be even better to accept your payments some people may have to accept their earlier because of the lack of resources. Think wisely about your resources for retirement.