Many retirees may be claiming Social Security benefits too early, leading to reduced payments for life.

From Nasdaq: 2025-03-19 03:18:00

Social Security benefits are crucial for retirees, but many may be making a mistake by claiming them too early. Starting benefits at 62 means a 30% reduction in monthly payments for life. This could lead to financial challenges later on, especially if you outlive your savings. However, if you regret claiming benefits early, there is an option to withdraw your application, repay benefits, and reapply later for a higher monthly payout. Consider this carefully, as Social Security may face cuts in the future. Don’t overlook maximizing your benefits to secure a more comfortable retirement.



Read more at Nasdaq: 29% of Social Security Recipients May Be Making a Huge Mistake