Conventional wisdom has it that to get the most out of your Social Security, you should wait as long as possible to start your benefits. That’s good advice for some, but not for all. There are a variety of reasons why you might want to take your benefits at 62 (the earliest you can start your Social Security) or some other point before you reach your full retirement age. Today’s questions come from people like that.
Q: My wife and I are both approaching age 62. We are inundated with advice to wait until 70 to start our Social Security. But frankly, I don’t think I’ll live that long. I’ve already had some serious heart problems. And both my parents and other close family members died in their 60s, so I didn’t inherit the best of genes. Thankfully, my wife doesn’t have those problems. Also, she had a good job and will get a Social Security benefit that is slightly more than mine. Can you think of any downsides if I take my Social Security at 62? How about my wife?…