Think you have to start claiming Social Security at 62?
That's a myth that could cost you.
Fidelity recently broke down this common misconception with the facts behind Social Security:
➡️ Claiming at 62 locks in a permanent 30 percent reduction compared to waiting until full retirement age.
➡️ Waiting from 62 to 70 can increase your monthly benefit by approximately 77 percent.
➡️ If you're divorced after 10+ years of marriage and haven't remarried, you may be entitled to 50 percent of your ex-spouse's benefit, and claiming it doesn't affect theirs at all.
➡️ Benefits are based on your highest 35 earning years, not just what you made before 65. Working past 65 can still improve your calculation.
➡️ Once you claim it, that's your benefit, adjusted only for cost-of-living increases.
The decision of when to claim is one of the most consequential decisions when preparing for retirement.
For a benefit designed to last 20, 30, or more years, the math is worth getting right.