Is 62 a good age to retire?

While age 62 is bound to remain a popular claiming choice for a variety of reasons, United Income's study makes it clear that being patient is likely to pay off for an overwhelming percentage of future retirees. The Motley Fool has a disclosure policy.

When will I get my retirement benefits if I'm 62?

If you were born later in October, your first benefit month is November and you will be paid in December. By filing at 62, or any time before you reach full retirement age, you forfeit a portion of your monthly benefit. If you were born in 1962 or later, for instance, filing at 62 could reduce your monthly payment by as much as 30 percent.

Why is age 62 a common claim choice for retirees?

Additionally, Social Security's financial woes have made age 62 a common claims choice for retirees. The 2023 Social Security Board of Trustees Report estimated that America's leading retirement program is facing a $22.4 trillion funding shortfall through 2097.