Claiming early reduces future benefits, spreading the amount over more years, leading to lower monthly checks. For example, claiming at 62 reduces a $1,500 benefit by 30% to about $1,000 per month.
The decision to claim early has implications for one's personal retirement plan and preparedness, impacting total benefits received over a lifetime, particularly for those with lower lifespan expectations.
#social-security-benefits #retirement-planning #financial-security #claiming-early #long-term-impact
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