Social Security Claiming Strategies: Understanding the Drawbacks of Claiming Early
If you qualify for Social Security retirement benefits, you can choose to start receiving your monthly payments as early as age 62. However, if you start collecting Social Security before you reach full retirement age, you'll be penalized.The reduced benefit is by far the biggest drawback of claiming Social Security early. There are certainly some good reasons for doing so, but it's still important to understand the financial implications of your age when you choose to apply for benefits.Image source: Getty Images.Continue reading
If you qualify for Social Security retirement benefits, you can choose to start receiving your monthly payments as early as age 62. However, if you start collecting Social Security before you reach full retirement age, you'll be penalized.
The reduced benefit is by far the biggest drawback of claiming Social Security early. There are certainly some good reasons for doing so, but it's still important to understand the financial implications of your age when you choose to apply for benefits.
Image source: Getty Images.
