Could claiming Social Security early mean financial trouble later?
You might have heard that it doesn’t matter at what age you claim your Social Security benefits, because you’ll get the same amount in total benefits as if you were to wait until later. The argument goes that If you claim at age 62 your checks will be smaller but you’ll get more of them, compared to claiming at your full retirement age when your checks will be bigger but you’ll get fewer of them. But that isn’t true if you’re fortunate enough to live to a ripe old age, as about one in four seniors today do. As this Motley Fool article by Maurie Backman points out, claiming your benefits early and getting a smaller Social Security benefit could mean financial trouble for you later in life. Click here to read more.