2 Little-Known Social Security Rules Everyone Needs to Know by the Time They Reach 62

The decision facing many seniors about when to claim Social Security can be daunting. Claiming at age 62, when most people first become eligible for benefits, is a popular choice. You'll get an infusion of cash to supplement any income and retirement savings you have, which could enable you to retire earlier.There's a price, however. Your monthly benefit will be permanently reduced by claiming early. You'll receive just 57% or so of the benefit you would have received if you had waited until age 70, when your benefits max out.Numerous studies show most people would be better off waiting until age 70 to claim Social Security benefits. At the same time, everyone's personal circumstances are different, so it might make sense for you to claim much earlier.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool