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Claiming at Age 62 means a smaller Social Security payment for life

Boiled down to the essential, the age at which you claim Social Security has a big impact on how much your benefit will be. It all starts with what your benefit will be at your full retirement age (your “FRA), which is somewhere between 66 and 67 depending on the year you were born. Claim benefits anytime before your FRA and you’ll be taking a benefit reduction which will last for the rest of your life. And, unfortunately, many claim that reduced benefit as soon as they are eligible at age 62 and suffer the consequences of their decision. In this Motley Fool article by Maurie Backman, the author describes what happens when you claim Social Security at age 62, and why that is more often than not a bad decision. Click here to read more.

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