This Could Cost Early Social Security Claimers Some -- or All -- of Their Monthly Checks
Claiming Social Security as soon as possible has an undeniable appeal: You get the greatest number of checks, and for some, it might enable you to retire sooner than you could if you had to rely on savings alone. But applying for Social Security early brings its own set of challenges too.Signing up at 62 can reduce your checks by up to 30%. It can also put you at risk of losing even more money to an obscure Social Security rule.Image source: Getty Images.Continue reading
Claiming Social Security as soon as possible has an undeniable appeal: You get the greatest number of checks, and for some, it might enable you to retire sooner than you could if you had to rely on savings alone. But applying for Social Security early brings its own set of challenges too.
Signing up at 62 can reduce your checks by up to 30%. It can also put you at risk of losing even more money to an obscure Social Security rule.
Image source: Getty Images.
