Will You Be Forced to Claim Social Security Early?
Many seniors aim to hold off on filing for Social Security until full retirement age (FRA) or even beyond. That way, they get the full monthly benefit their earnings history entitles them to.
You're allowed to claim Social Security starting at age 62, but for each month you take benefits ahead of FRA, they are reduced on a permanent basis. If your FRA is 67, which is the case if you were born in 1960 or later, then you'll be looking at a 30% reduction in your monthly Social Security benefits if you sign up as early as possible (at 62). So you may want to wait until at least FRA.
But while you may have every intention of waiting, the reality is that you could be forced to claim your benefits sooner. The reason? A whopping 60% of workers are forced into early retirement, Voya Financial reports, due to factors like job loss and health issues. And if something similar happens to you, you may have no choice but to file for benefits before FRA -- despite the ongoing financial hit.
Source Fool.com
