Claiming Social Security benefits early can result in more checks, but also reduce monthly payments

From Nasdaq: 2025-03-14 17:00:00

Claiming Social Security benefits at age 62 can result in the most checks over your lifetime, with 240 monthly payments possible. However, there are drawbacks to consider, including a reduction in the size of your monthly checks. Early claiming can lead to a 30% decrease in benefits if your full retirement age is 67. Additionally, reduced cost-of-living adjustments and withholding due to the earnings test are factors to weigh before making a decision. Delaying your application could help mitigate these issues and maximize your lifetime benefit.

Consider investing $1,000 in the 10 best stocks recommended by analysts. Before making investment decisions, it’s important to assess your financial goals and risk tolerance. Be mindful of the potential benefits and drawbacks of claiming Social Security benefits early, and seek advice from a financial advisor if needed.



Read more at Nasdaq: 3 Ways You Could Lose Social Security Benefits by Claiming Early