Ebong Eka, CPA shared the following answer with us:
Doesn't make sense to do that at this point. The penalty you'd pay is greater than the return you'd receive. If you start collecting social security at 62 yrs old, your benefit is reduced by 25%. So if your full retirement age is 66 yrs old, and you would receive $1,000. If you start collecting at 62 yrs of age, you'll receive only $750.
You'd have to find an investment opportunity that yields a 25% return just to break even and you won't! If you do- run! If you wait 8 years, you can get a total increase of 32% or $1,320. Ebong Eka, CPA and author of Start Me Up, is one of our Top 30 Most Influential People in Personal Finance and Wealth
| 09.22.14 @ 16:51