The Little-Known Social Security Rule That Could Score You Larger Benefits After You've Filed
This option should be on your radar, especially if you claimed benefits early.
Overview
There's a lot riding on your Social Security claiming decision. If you wait to file until you reach full retirement age, which is 67 if you were born in 1960 or later, you'll get to collect your monthly benefits in full. If you file early, which you can do starting at 62, your benefits will be reduced.
A lot of people rush to claim Social Security at 62, or at various points ahead of full retirement age, because they want the money sooner. That's understandable. But you may not realize how detrimental an early claim can be at the time.
Image source: Getty Images.
Details
Source
Originally published at www.fool.com.
Related Articles
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.