Early Social Security: Big Cut, Big Risk
Business & Finance News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Claiming Social Security early can significantly reduce your monthly benefits for life. The soonest you can start is age sixty-two, but waiting until full retirement age or even longer can maximize your payout. Spousal benefits also take a hit if claimed early. Working while receiving early benefits is allowed up to a certain limit, but earnings above that threshold can reduce benefits. Delaying benefits until age seventy often results in the largest lifetime payout, so its crucial to consider your personal circumstances before making a decision.
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