Claiming Social Security benefits as early as age 62 can result in reduced monthly payments by 30% if one doesn’t wait until full retirement age (FRA). While it may be tempting to claim early due to fears of depleting savings or concerns about Social Security's funding, it's crucial to carefully assess financial situations because delaying benefits ensures larger payments over time. Understanding the right reasons to claim early can significantly impact long-term financial security in retirement.
If you wait to sign up for Social Security, you're guaranteed larger monthly payments, whereas your savings unfortunately are not guaranteed to last.
You may have heard rumors that Social Security is running out of money and won't be able to pay benefits soon enough.
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