Think a 22% Social Security Cut Is Bad? This Popular Move Could Cost You 30%.
A surprising number of people do this every day.
Overview
Ask most workers and seniors if they're willing to accept a 22% benefit cut when Social Security's trust funds are depleted in six years, and they'll say absolutely not. Yet a surprising number of seniors choose to sign up for benefits as early as possible, even though this move can permanently reduce their checks by 30%.
For some people, early claiming genuinely makes sense. For others, it could be a costly mistake. To know which camp you fall into, you have to understand how your claiming age affects your checks and how your benefits fit into your larger financial picture.
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Details
Source
Originally published at www.fool.com.
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