Should I stay or should I go? It’s a question many have to answer when deciding when to retire.
According to the Urban Institute, more are choosing to take Social Security benefits early at 62, instead of waiting till 70.
Financial advisor Bjorn Amundson at Quarry Hill Advisors in St. Paul says economic fear has many taking the money early.
“The bottom line would be if you need the income, then obviously you have to take it,” Amundson said. “If you have the ability to wait and you’re in good health, it’s often in your advantage to wait.”
Amundson says if you can wait till 70, you’ll get about 75% more income at that age.