Do I get money back if I cancel my life insurance?
Yes, you will receive a higher monthly benefit if you wait to retire at 63 compared to claiming at 62. Social Security benefits are permanently reduced if claimed before your Full Retirement Age (FRA). The reduction is calculated based on the number of months you claim prior to your FRA. For every month you delay your claim between the ages of 62 and your FRA, the permanent reduction in your benefit is slightly less. For example, claiming at 63 will result in a smaller "early retirement penalty" than claiming at 62. While retiring at 63 will still result in a permanent reduction compared to waiting until your FRA, your monthly check will be larger than it would have been had you started at 62. It is important to remember that this is a permanent decision, and your future cost-of-living adjustments (COLA) will also be based on this lower, early-retirement benefit amount. Many financial advisors suggest evaluating your life expectancy and other income sources before deciding to take benefits early.
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