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Should the reduction in Social Security benefits for claiming early be reduced?

You are entitled to your full Social Security benefits when you reach your full retirement age (FRA) which currently falls somewhere between 66 and 67; however, you can start receiving your Social Security retirement benefits as early as age 62. But, if your claim your Social Security benefits once your reach age 62 but before you reach your full retirement age, your benefit will be reduced by 6.7 percent for every 12 months before your FRA. In the wake of the pandemic, there have been calls to reform the system to reduce the reduction in benefits for claiming early. In the attached article appearing on, Robert Bloink and William H. Byrnes, two professors and authors of ALM’s Tax Facts with opposing political viewpoints share their opinions about changing the way reduced benefits for claiming Social Security early are calculated. To read a summary of the debate, click here…

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