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Are you willing to take a 30 percent reduction in your monthly benefit?
If you take your Social Security at 62, you are cutting your total monthly benefit relative to waiting to 66 or later. Fidelity Investments found if you start taking Social Security at age 62, rather than waiting until your full retirement age (FRA), you can expect up to a 30 percent reduction in monthly benefits with lesser reductions as you approach FRA. Read article here…
Also, 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…
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