The strategy works best for retirees with plenty of personal savings
Americans can begin claiming reduced Social Security benefits at age 62, whether they're officially retired or not. Most financial planners, however, recommend waiting until full retirement age between ages 66 and 67, or later, to take Social Security to get the full benefit. In a new article published on The Motley Fool, financial expert Dan Caplinger says there's another Social Security strategy that no one talks about: claiming the reduced benefit at 62 and investing the cash.
Americans can begin claiming reduced Social Security benefits at age 62, whether they're officially retired or not. Most financial planners, however, recommend waiting until full retirement age between ages 66 and 67, or later, to take Social Security to get the full benefit. In a new article published on The Motley Fool, financial expert Dan Caplinger says there's another Social Security strategy that no one talks about: claiming the reduced benefit at 62 and investing the cash.
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