Q & A

I will be turning 62 next year and would like to begin collecting early Social Security benefits. Am I penalized once I turn full retirement age of 66 for the amount I would receive then? Or does it revert to the amount on my Social Security yearly statement?

Answer: Generally, if you choose to begin receiving Social Security benefits before your full retirement age, yes, you will permanently reduce your monthly benefit. The reductions are designed to make your benefits actuarially equal no matter when you start them if you live to average life expectancy, though this can be complicated by issues including inflation adjustments and tax rates. Read more…

Source: Janet Kidd Stewart – the Chicago Tribune, via www.arcamax.com, 8/18/2015

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