3 Reasons to Claim Social Security Benefits Early

Choosing when to claim Social Security benefits is one of the most important decisions you'll make, because it will permanently affect your monthly retirement income.

To receive the full benefit amount you're theoretically entitled to, you'll need to claim benefits at your full retirement age -- which is either age 66, 66 and a certain number of months, or 67, depending on the year you were born. The earlier you claim (as early as age 62), the more your benefits will be reduced.

However, despite the benefit reduction, sometimes claiming early is the smartest decision. And there are a few reasons why it pays to file for benefits as early as you can.

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Source Fool.com