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Social Security Reform and the Impact on Claiming Age
Statistically, age 62–the earliest age for collecting Social Security retirement benefits–is most popular, even though it results in a substantial reduction in monthly benefoit amounts. For some one with a full retirement age of 67, for example, the monthly benefit at 62 is reduced by 30% from the amount that wouldbe paid at age 67. There are many reasons for new claimants to make the decision fo file early, and it all depends on one’s individual circumstances. But here’s a new wrinkle…the looming Social Security solvency problem, with the potential for a significant reduction in monthly benefits projected to occur in less than a decade, might have an impact on the decision of when to claim benefits. The Motley Fool’s Kailey Hagen, in a post on their website, explains. Read her post here…