Filing for Social Security benefits at age 62 can offer a greater financial benefit in tax savings and capital accumulation than filing at 70 in the right circumstances, states Devin Carroll, author of “Social Security Basics: 9 Essentials That Everyone Should Know”l

There are several factors or variables you should consider:

1. You want to make sure your money is going to last throughout your 30 years or more of retirement
2. You want to make sure your Social Security filing decision is coordinated with your other financial assets and income
3. You want to know if a Roth conversion would work for you (and how much to convert)
4. You need a better estimate of a year-by-year retirement income plan
5. You want to make sure that your retirement income strategy won’t cost you unnecessary local, state and federal income taxes
6. You want to make sure you understand the right sequence to access your taxable, deferred and Roth retirement accounts