3 Reasons to Claim Social Security Early
One of the most pressing questions plaguing soon-to-be retirees is when to start claiming Social Security benefits. In fact, nearly half of U.S. adults age 45 and older say deciding when to file for benefits is their biggest question about retirement, according to a survey from Empower Institute.
Choosing when to claim is a huge decision, because it will affect how much you receive each month for the rest of your life. If you claim at your full retirement age (FRA) -- which is age 67 for those born in 1960 or later, or either 66 or 66 and a few months for those born before 1960 -- you'll receive the full benefit amount you're theoretically entitled to. You can claim earlier than that, but your benefits will be reduced by up to 30% if you have a FRA of 67 and claim as early as possible at age 62.
Although you'll receive smaller checks by claiming earlier than your FRA, in some scenarios it might be your best choice. There are three reasons why claiming early might be in your best interest.
Source Fool.com
