How old are you?

It may be rude to ask about someone’s age, but this situation asks for it. That’s because age is a crucial factor in terms of your Social Security benefits. Apart from losing a few years of income, should you decide to retire earlier, you should know that moving up your retirement date can also impact your future Social Security checks. Not necessarily in a good way, might we add.

Why it’s important

You can start receiving Social Security benefits as early as age 62. But, at this age, you will only receive 70 percent of the amount you would normally receive if you retire at your full retirement age. If you have no problem with moving up your retirement date and receiving smaller monthly Social Security payments, good for you. But if retiring now affects your long-term finances, maybe you should give it another thought.