The article discusses the implications of claiming Social Security benefits early, emphasizing the potential for permanent reductions in monthly benefits. It suggests that individuals contemplating early retirement should carefully assess their projected longevity, particularly considering health factors and family history. The risk of running out of money increases with age, making it vital to weigh the decision of taking benefits early against the possibility of a longer lifespan. Those considering early retirement are encouraged to run the numbers and seek financial advice to make an informed choice.
Claiming Social Security early can lead to permanently reduced benefits and increases the risk of running out of money if one lives longer than expected.
Many people find early retirement appealing for various reasons, but it’s crucial to consider the long-term financial implications of claiming Social Security early.
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