3 Scenarios When You Should Absolutely Claim Social Security Early

Social Security is a lifeline for millions of Americans who otherwise wouldn't manage to keep up with their retirement expenses. If you're counting on those benefits for your senior years, you'll need to claim them strategically.

You're allowed to file for Social Security as early as age 62, but you're not entitled to your full monthly benefit until you reach full retirement age (FRA). That age varies, but depending on the year you were born, it's somewhere between 66 and 67. If you claim Social Security before FRA, that's considered filing early, at which point you'll reduce your monthly benefit by a certain percentage, the extent of which will depend on when you file. If you file a year early, for example, you'll lose 6.67% of your monthly benefit, but if you file five years early, you'll lose 30%.

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