Page 18 Sa Sa a Sa y Senior enior Sen by Jim Miller With Social Security Uncertainty, Should You Claim Benefits Early? Dear Savvy Senior, I turn 62 early next year and plan to retire soon after. Most advice says I should wait to claim Social Security because my monthly benefit will be higher. But with all the recent news about Social Security’s financial problems, I’m wondering if taking benefits early might be the safer choice. Is there ever a good reason to claim at 62? --Ready to Retire Dear Ready, You’re definitely not alone in asking this. The latest Social Security Trustees Report projects the retirement trust fund could be depleted around 2032 if Congress doesn’t act. If that happens, Social Security would still collect payroll taxes and pay benefits, but retirees could face an acrossthe-board cut of about 22 percent. Before you rush to file, keep things in perspective. Most experts still expect Congress to step in, as it has before, to strengthen Social Security. And even if lawmakers don’t act, waiting would still produce a higher monthly benefit because any across-the-board benefit cut would apply to everyone. While claiming at 62 means collecting benefits sooner, it also permanently locks in a smaller check. That said, there are several situations where claiming Social Security at 62 can make good financial sense. How claiming age affect your benefits You can start Social Security at 62, but doing so permanently reduces your monthly benefit by about 30 percent compared with waiting until full retirement age (67 for those born in 1960 or later). Delaying until 70 increases your benefit by about 24 percent. For example, a $2,000 monthly benefit at full retirement age would drop to about $1,400 at 62, or rise to roughly $2,480 if you wait until 70. When claiming early makes sense For some retirees, claiming at 62 is a practical move. If you’ve stopped working and need income for basic expenses, Social Security can provide a steady check right away. It can also serve as a bridge if you retire early or lose a job in your early 60s while delaying withdrawals from retirement accounts or a pension. Some retirees also claim Social Security early to reduce withdrawals from their IRA or 401(k) during market downturns. The tradeoff is a permanently reduced lifetime benefit. For married couples, timing can be coordinated as part of a broader strategy. One spouse may claim early to bring in income while the other delays to boost their future or survivor benefit. Health is another big factor. Delaying only pays off if you live long enough to collect those higher monthly checks. The break-even point between claiming at 62 and full retirement age is around age 78 or 79. If you’re still working, be careful here too. Before full retirement age, earnings above Social Security’s annual limit can temporarily reduce your benefit, and claiming early locks in that lower amount for life. Why delaying helps For many retirees, waiting means a larger guaranteed monthly benefit for life and often a higher lifetime payout if you live into your late 70s or beyond. It can also provide stronger protection against outliving savings. For couples, delaying the higher earner’s benefit can increase the survivor benefit, which may help provide more financial security for a surviving spouse. Before deciding, it’s smart to review your numbers. You can create a free account at SSA.gov/myaccount to check your earnings record and estimate benefits at different ages. Tools like OpenSocialSecurity. com or MaximizeMySocialSecurity. com (a paid tool with a $49 fee) can also help you compare claiming strategies. There’s no one-size-fits-all answer. For most people, waiting still makes the most sense. But if you need income, have health concerns or are coordinating benefits with a spouse, claiming at 62 may be the better choice. The key is to base your decision on your own circumstances – not fear about Social Security’s future. Send your questions or comments to questions@ savvysenior.org, or to Savvy Senior, P.O. Box 5443, Norman, OK 73070. nr ior THE MALDEN ADVOCATE–Friday, August 28, 2026 BHRC | FROM PAGE 17 roll call in June, approved legislation that would remove the term “hearing impaired” from the Massachusetts General Laws and replace it with “deaf or hard of hearing.” Additional approval is needed in each branch prior to the bill being sent to Gov. Healey. “Language matters, especially in our laws,” said sponsor Sen. Cindy Creem (D-Newton) when the measure was approved by the Senate in June. “This bill takes a simple but important step toward ensuring that the words we use refl ect respect, accuracy and the preferences of the communities they describe. I was proud to sponsor this legislation to help modernize our statutes and affi rm the dignity of deaf and hard of hearing individuals across Massachusetts.” Supporters said that by removing the outdated term “hearing impaired” and replacing it with more accurate, respectful language that refl ects how the deaf and hard of hearing community identifi es today, the bill ensures that state statutes align with modern standards of inclusion and dignity. FOOD TRUCKS (H 5115) – On May 26, the Committee on Public Health gave a favorable report to and recommended passage of legislation that would require food trucks to be subject to an annual health inspection by the state. The Commissioner of Public Health would establish regulations for the annual health inspection of food trucks and would prescribe rules and regulations related to inspection schedules, documentation of inspections, standards for acceptable cleanliness and the costs of these inspections. The committee then sent the measure to the House Ways and Means Committee when it still lingers, awaiting action. “Food trucks in Massachusetts must secure certifi cation from the Boards of Health and fi re departments in each of the BHRC| SEE PAGE 21 - LEGAL NOTICE - City of Malden Massachusetts INSPECTIONAL SERVICES 215 Pleasant Street, 3rd Floor Malden, Massachusetts 02148 (781) 397-7000 ext. 2030 MALDEN PLANNING BOARD PUBLIC HEARING The Malden Planning Board will hold a public hearing in the Herbert L. Jackson Council Chamber, Malden City Hall, 215 Pleasant Street, Malden, MA, at 7:00 P.M. on Wednesday, September 9, 2026, on the petition of ACDC 245 Bryant LLC, in Permit Application #CMID-069419-2024 under Title 12, seeking to amend the special permit granted in Case # 25-06 under Title 12, Code of the City of Malden, Section 12.12.010.C, 12.12.300 and 12.28.010.D, which special permit allow use of preexisting nonconforming property in the Residence A zoning district to construct a three-story multifamily dwelling with thirty-five (35) Affordable Housing Units at the site of a Preferably Preserved Building, namely, to revise the proposal to add one additional dwelling unit and construct a three-story multifamily dwelling with thirty-six (36) Affordable Housing Units and to change the Affordable Housing Units from homeownership units to rental units, at the property known as and numbered, 245 Bryant Street, Malden, MA, and by City Assessor’s Parcel Identification # 097 424 414. Petition and plans are available for public review in the Inspectional Services Department, Malden City Hall, 215 Pleasant Street, Room 330, Malden, MA and through the City website under Permit Application# CMID-069419-2024 at: https://maldenma-energovweb.tylerhost.net/apps/SelfService#/home By: Diane M. Chuha Clerk August 21, 28, 2026
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