Losing a job in one’s 60s can make finding new employment difficult because age discrimination can limit hiring opportunities despite being illegal and hard to prove. Signing up for Social Security as early as 62 will permanently reduce benefits if taken before full retirement age (FRA). An FRA example of 66 years and eight months means claiming at 67 does not incur reductions, so immediate benefits are available without penalty. If current income needs are low, delaying Social Security beyond FRA can increase monthly payments and be financially advantageous over the long term. Seeking vetted financial-advisor guidance can help decide whether to claim benefits immediately or delay them based on individual circumstances.
The loss of a job later in life can be a tough blow. It's never an easy thing to suddenly find yourself without an income. However, if you lose your job when you're in your 60s, you may struggle to find a new one due to age discrimination. It's illegal for employers to refuse to hire someone based on their age alone. However, it's also a difficult thing to prove.
The earliest age you can sign up for Social Security is 62. However, claiming benefits before reaching full retirement age (FRA) results in a permanent reduction. The poster above has an FRA of 66 and eight months, which means that if they file for Social Security at 67, they won't be looking at reduced benefits. That's the main reason the poster should feel comfortable taking benefits if they feel it will improve their financial situation.
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