I Ran the Numbers: Here's What Claiming Social Security Early Could Cost You
The math may surprise you.
I Ran the Numbers: Here's What Claiming Social Security Early Could Cost You
Overview
Once you approach your 62nd birthday, you'll have a big financial decision to make -- claim Social Security right away, or hold off for the promise of larger monthly checks. And it isn't exactly an easy choice.
If you wait until full retirement age to file for Social Security, your monthly benefits won't be reduced. But for each month you file before that point, your benefits are whittled down slightly. And if you claim Social Security at 62 with a full retirement age of 67, you could be looking at significantly lower payments.
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Details
Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.
