Investing for a 62-Year-Old
At age 62, Social Security becomes available for the first time, but claiming now permanently reduces your benefit by about 30% versus waiting to your full retirement age of 67 (for those born 1960 or later). Delaying to 70 adds another 24% above the full retirement age amount. This is the third and final year of the SECURE 2.0 enhanced catch-up window (ages 60-63), so maximize 401(k) and IRA contributions before the limit drops back to $7,500 in the year you turn 64. Medicare is still three years away; confirm your health coverage bridge plan.