Janet's decision to claim Social Security at 62 resulted in a permanent reduction of her monthly benefit, highlighting the long-term consequences of early retirement decisions.
Claiming at 62 reduces benefits by about 30% compared to full retirement age, which for Janet is 67, emphasizing the importance of understanding when to claim.
Waiting until age 70 could have provided Janet with up to 24% more benefits, demonstrating the potential financial advantages of delayed retirement credits.
Many individuals make Social Security decisions without fully grasping the implications, suggesting a need for better awareness and education around claim timing.
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