This Popular Social Security Filing Strategy Could Backfire on Retirees
There's a reason 62 is a very popular age to file for Social Security. It happens to be the earliest age seniors are allowed to sign up for benefits. Many retirees are aware that they can't get their full monthly Social Security benefit until they reach full retirement age, which is 67 for those born in 1960 or later.Image source: Getty Images.But the lure of the money is what often drives retirees to sign up for Social Security as early as possible. They're willing to accept a reduction in their monthly payments for the promise of a monthly check years sooner.Continue reading
There's a reason 62 is a very popular age to file for Social Security. It happens to be the earliest age seniors are allowed to sign up for benefits. Many retirees are aware that they can't get their full monthly Social Security benefit until they reach full retirement age, which is 67 for those born in 1960 or later.
Image source: Getty Images.
But the lure of the money is what often drives retirees to sign up for Social Security as early as possible. They're willing to accept a reduction in their monthly payments for the promise of a monthly check years sooner.
