2 Good Reasons to Claim Social Security Early Due to COVID-19
The COVID-19 pandemic has caused many older workers to rethink their retirement strategies. The unemployment rate among Americans age 55 and older surged from 3.3% in March to 13.6% in April, according to data from the Bureau of Labor Statistics -- and losing your job can throw off your retirement plans.
Social Security benefits are an integral part of many older Americans' retirement plans. Millions of retirees already rely on their monthly checks to make ends meet in retirement, but if your savings have been negatively affected by the coronavirus crisis, you could end up depending on your benefits even more.
The age you choose to begin claiming benefits will impact how much you receive each month for the rest of your life. You can begin claiming benefits as early as age 62, but doing so will result in smaller checks each month. However, there are a couple of good reasons to consider claiming early due to the COVID-19 crisis.
Source Fool.com
