Don’t rush into claiming Social Security

Although you can start enjoying your retirement benefits at 63, it would be a better decision to postpone it as much as possible. Any financial planner would recommend you to do so, or at least wait until your full retirement age.

Why? Considering the fact that your full retirement age is at 67, the sooner you claim your Social Security, the lesser you’ll receive over the years. If you claim it at 62, the money will be reduced by 30% for the rest of your life.

The good news is if you’ll wait a little longer, you’ll get an 8% boost in benefits each year between ages 67 and 70, thanks to postponed retirement credits. In conclusion, if you have the possibility to reach another source of income, wait a little longer for the Social Security one.

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