A Good Reason to File for Social Security Benefits at Age 62
A good reason for filing for Social Security benefits at age 62, three years earlier than the retirement age of 65, is that retiring at an early age could leave you with a want for income.
According to a survey administered by the Employee Benefit Research Institute, 33% of workers believe they will retire after the age of 65, but only 19% of them actually do. Also, 90% of workers say they will not retire before they reach age 60, but 35% of workers retire that early.
A 2015 report titled “How America Saves” released by The Vanguard Group showed the average 401(k) account balance for the 55-64 age group is $177,805. If you take away 4% of this income per year, that sum translates to a mere $7,100 in annual income. So, it definitely is a plus if a person retiring at age 62 files for Social Security benefits around this time.
Hire our attorneys at the Hankey Law Office to file, appeal, or follow up on your Social Security disability benefit claim. Seek the legal assistance of a qualified member of our legal team today by calling our Indianapolis offices at (800) 520-3633 to get help obtaining your disability benefits right away.