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An Oft-Overlooked Downside of Claiming at Age 62 - The Globe and Mail/The Motley Fool
Most folks considering claiming Social Security retirement benefits at the earliest possible age — 62 — are aware that their monthly payment will be reduced. They accept this in exchange for receiving benefits early and, hopefully, for a much greater number of months, or perhaps the decision is driven by a health issue or financial need. Whatever the reason, one fact is typically not included in the equation: the effect on future cost-of-living adjustments (COLAs). A Motley Fool article posted on theglobeandmail.com highlights this piece of the Social Security claiming strategy equation. Check it out here…
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