Deciding when to claim Social Security is a critical decision for retirees, especially since claiming at the earliest age of 62 leads to a permanent reduction in monthly benefits. While full benefits are available at full retirement age (66 or 67 depending on birth year), early filing reduces those payments for life. Although beneficiaries can undo their decision within a year, doing so requires repaying all received benefits, making it challenging for many seniors. Understanding the implications of early filing is essential for effective retirement financial planning.
Claiming benefits early will typically reduce them for life. When filing at age 62, beneficiaries lock in a lower monthly payment that cannot be reversed easily.
A decision to sign up for Social Security at the earliest age of 62 comes with the risk of permanent benefit reduction, making financial planning critical.
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