From Nasdaq: 2025-06-07 18:00:00

1. Early retirement may sound appealing, but it requires careful financial planning to live comfortably without being tied to a desk. Many early retirees debate whether to apply for Social Security early for financial assistance or hold out for a larger benefit. Factors like full retirement age and monthly benefit reductions for early claiming play a crucial role in this decision.
2. Your Social Security claiming age directly impacts the benefits you’ll receive. Full retirement age is typically 67, but you can sign up as early as 62, with reduced benefits. Delaying past FRA increases monthly benefits, up to 124% of your full benefit. Deciding when to claim depends on your financial situation and life expectancy.
3. Choosing a claiming age for Social Security involves weighing financial stability and life expectancy. Those with saving flexibility can delay benefits for a potentially higher lifetime benefit. Popular claiming ages vary, with early claiming appealing to around a quarter of seniors. Utilize tools like a my Social Security account to estimate benefits and make an informed decision.
4. Maximizing Social Security benefits is essential for retirement planning. Little-known strategies can boost retirement income significantly. Learning how to maximize benefits can provide peace of mind in retirement. Consider joining Stock Advisor to discover these strategies and secure your financial future.

Read more at Nasdaq: Should Early Retirees Claim or Delay Social Security?