Social Security Could Be Cut 22% in 2032. Should You Take the Money and Run at 62?

Category: Social Security

The word is getting out: If Congress doesn't act, Social Security retirement benefits could be cut by about 22% in late 2032. That's just six years away, and it has a lot of people spooked. The result? More Americans approaching retirement are apparently thinking about claiming Social Security at the earliest possible age, 62. Their logic is understandable: Take the money and run. Take the Money and Run- is That Really the Smartest Strategy? For years, Social Security experts have generally advised people who can afford to wait to delay claiming, sometimes all the way to age 70. Waiting produces a substantially larger monthly benefit for life. But with Social Security's retirement trust fund projected to be depleted in 2032, even some retirees who understand the advantages of waiting are having second thoughts.

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