I Used to Think I'd Never Claim Social Security Early, but I've Changed My Mind for This Reason
When I first started learning about Social Security, one of the things that stood out in my mind was how easy it is to set yourself up with larger monthly benefits for life. All you need to do is delay your claim until age 70 (or delay beyond full retirement age), and voilà -- a higher monthly benefit is yours forever.On the flip side, when I began doing research on Social Security, I couldn't believe how many people were filing for benefits ahead of full retirement age to get their money sooner. Claiming benefits early means reducing them for life, and at first, I wasn't a fan of doing so.Image source: Getty Images.Continue reading
When I first started learning about Social Security, one of the things that stood out in my mind was how easy it is to set yourself up with larger monthly benefits for life. All you need to do is delay your claim until age 70 (or delay beyond full retirement age), and voilà -- a higher monthly benefit is yours forever.
On the flip side, when I began doing research on Social Security, I couldn't believe how many people were filing for benefits ahead of full retirement age to get their money sooner. Claiming benefits early means reducing them for life, and at first, I wasn't a fan of doing so.
Image source: Getty Images.
