Age 62 is often considered a popular time to claim Social Security benefits, as it's the earliest age allowed. However, this comes with the consequence of reduced monthly benefits. For those out of work, claiming may seem like the only viable option, but it's important to strategize. Before filing, retirees should estimate their potential monthly benefits based on their earnings history and understand the permanent reductions associated with early claims. Those still working should carefully consider the timing of their claim and how it affects their financial future.
Claiming Social Security at 62 results in permanent reduced benefits, making it crucial for individuals to fully understand the financial implications before deciding.
Individuals claiming Social Security at 62 should estimate their monthly benefits and calculate the impact of filing early to understand permanent reductions.
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