3 Reasons to Claim Social Security Early
You might have heard that the age you begin taking Social Security matters. You can start as early as 62, but you must wait until your full retirement age (FRA) -- which is 66 or 67 depending on your birth year -- to get the full benefit you're entitled to. Starting early will decrease your benefits by up to 30%, while delaying benefits until 70 could net you as much as a 32% boost in your monthly checks.
Delaying Social Security might seem like the logical choice if you want the most money possible, especially if you didn't save as much for retirement as you should have when you were younger. But there are a few instances where claiming early is actually the smarter play, even if it means getting smaller monthly checks. Here are three of them.
Image source: Getty Images.
Source Fool.com
