Seniors can start Social Security retirement benefits upon reaching age 62. But while filing for benefits ASAP is a popular choice, it’s considered claiming early — and it can shrink the amount of your monthly check.
See, every American has a full retirement age based on birth year. It’s between 66 and four months and 67. Starting checks even a month before FRA results in a permanent reduction of monthly benefits. And, if you begin checks far ahead of FRA by claiming at 62 instead of 67, you end up with a 30% cut to monthly payments.
While receiving less money each month isn’t fun, there are times when an early claim makes sense. In fact, here are four situations when it could be the very best choice.