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How will claiming early affect my Social Security benefit?
Everyone knows that claiming Social Security early will reduce your benefit amount, but not too many people truly understand how much of a reduction there will be. Fact is, if you apply as soon as you’re eligible at age 62 (which by the way is the most popular claiming age) your benefits will be reduced by as much as 30% of what they would be if you waited until your full retirement age to apply. Knowing how your Social Security benefit will be affected if you claim early will help you decide which age is right for you. This madison.com article by Matthew Frankel explains the basics of how applying early for benefits will impact the amount you receive. Click here to read more.
If you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public service to help Americans navigate the complexities of this program. Learn more about it here…