Does it ever make sense to take Social Security at age 62? Yes, in these cases
It’s best to wait until you’re 70 to start taking Social Security retirement benefits — even if it means tapping into your retirement assets at the bottom of a bear market. Why? Because the guaranteed, risk-free 8% annual Social Security benefit increase is an unbeatable deal.
But there are some decent reasons to start taking benefits early, and the recession in the wake of the COVID19 pandemic has dramatically highlighted one of them: many people don’t have much choice. We’ll get into that later. Those chronic conditions the researchers looked at included heart disease, cancer, chronic obstructive pulmonary disease, stroke and Alzheimer’s disease. Other common chronic illnesses, according to the Chronic Conditions Data Warehouse, which uses data from Medicare and Medicaid, include hypertension, arthritis, diabetes and kidney disease. Many people who have these conditions and have been successfully treated, live long, happy lives, so be sure to consult your doctor on your own situation.
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