Claiming Social Security benefits starts at age 62, but doing so leads to a 30% reduction in monthly payments until reaching full retirement age of 67. Financial expert Dave Ramsey believes claiming at 62 is acceptable if the funds are reinvested for better returns. However, recent reports indicate that recipients should reconsider this decision due to changes in the program's finances. Additionally, credit cards with high cash back offers and no annual fees are available, but may not last long.
Social Security can be claimed as early as 62, but doing so results in a permanent reduction of monthly benefits by about 30% if your full retirement age is 67.
Dave Ramsey considers claiming benefits at 62 acceptable under certain circumstances, especially if the funds will be invested for potentially higher returns.
Recent financial updates suggest re-evaluating the decision to claim Social Security early, as program finances may impact long-term benefits.
Credit cards are now offering incentives like up to 6% cash back and $0 annual fees, which may change soon.
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