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Older parents may want to consider applying for Social Security earlier
Most advisors encourage people to delay applying for Social Security beyond the date they are first eligible at 62 years of age, often suggesting they wait until at least their full retirement age or even age 70 to enjoy the larger benefit they’ll then get. But even though claiming before your full retirement age will result in a lower personal benefit, older parents of dependent children should evaluate their potential benefit in total, including what their dependent children are entitled to. As this Money article by Lynn Asinof explains, looking at those total benefits can often result in a better payout from Social Security, which would be to your advantage for many years to come. Click here to read more.
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