Timing is crucial when claiming Social Security benefits, as early or late claims can impact monthly and lifetime income significantly. Retirees need to know their full retirement age (FRA) and the penalties associated with claiming early. Additionally, understanding spousal and survivor benefits is essential to avoid diminishing support in retirement. With millions of Americans set to retire, being informed and strategic about when to claim Social Security can help ensure financial security and peace of mind during retirement.
Claiming Social Security benefits at the wrong time can significantly reduce your monthly income and lifetime benefits, impacting your financial security in retirement.
It's crucial for retirees to understand the rules around spousal and survivor benefits to avoid costly mistakes that can diminish their support during retirement.
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