On the Fence About Starting Social Security Early? Consider This
The COVID-19 pandemic has hit cash-strapped seniors hard. Many have watched their retirement portfolios plummet, and they've been unable to make up for it because they cannot go to work to earn more money. Unemployment and stimulus checks help a little, but those 62 and older have another place they can turn to for extra money -- Social Security.
The problem is that starting benefits before your full retirement age (FRA) -- 66 or 67, depending on your birth year -- reduces the size of your checks permanently. But there is one way you can claim your checks and grow them too. You're allowed to start benefits now and then withdraw them without affecting the size of your checks when you officially start claiming benefits later, but there are a few catches.
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Source Fool.com
