Think a 22% Social Security Cut Is Bad? This Popular Move Could Cost You 30%.
Yahoo Finance ·
For some people, early claiming genuinely makes sense. For others, it could be a costly mistake. To know which camp you fall into, you have to understand how your claiming age affects your checks and how your benefits fit into your larger financial picture. Early claiming reduces your benefit by 5/9 of 1% per month for up to 36 months and 5/12 of 1% per month thereafter. That's enough to shrink your benefit by 30% if you plan to apply as soon as you turn 62.
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