Is It Better To Take Social Security At 62 Or 67?

Is it better to take Social Security at 62 or 67? If you claim Social Security at age 62, rather than wait until your full retirement age (FRA), you can expect up to a 30% reduction in monthly benefits. For every year you delay claiming Social Security past your FRA up to age 70, you get an 8% increase in your benefit.

Is 67 the new retirement age?

The retirement age will increase from 65 to 67 over a 22-year period, with an 11-year hiatus at which the retirement age will remain at 66. Congress cited improvements in the health of older people and increases in average life expectancy as primary reasons for increasing the normal retirement age.

How does Cobra insurance work if I retire at 62?

Retirees can use COBRA Insurance For 18 Months

When a qualified beneficiary retires from their job, the retired worker is entitled for up to 18 months health insurance continuation, which is the maximum amount of time an employee can keep COBRA continuation.

Who qualifies for Medicaid?

To participate in Medicaid, federal law requires states to cover certain groups of individuals. Low-income families, qualified pregnant women and children, and individuals receiving Supplemental Security Income (SSI) are examples of mandatory eligibility groups (PDF, 177.87 KB).


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