3 Scenarios Where Claiming Social Security Early Is a No-Brainer
Social Security is a vital source of income for millions of seniors today, and for some, those benefits constitute the bulk of their income. As such, it's important to file for those benefits at precisely the right time.
You're allowed to sign up for Social Security as early as age 62, but if you wait until full retirement age (FRA), you'll avoid a reduction in benefits. FRA is either 66, 67, or somewhere in between. It's a function of your birth year, and it's the point at which you can claim your full monthly benefit based on your earnings history. For each month you file for benefits ahead of FRA, you'll reduce them in the process, and so you'll often hear that claiming Social Security early is a bad idea. But in these cases, filing early actually makes a lot of sense.
IMAGE SOURCE: GETTY IMAGES.
Source Fool.com
