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The consequences of claiming Social Security early

In this Yahoo! Finance article by Maurie Backman of the Motley Fool, the author describes how the age at which you start collecting Social Security affects your benefit amount. Collecting before your full retirement age – between 66 and 67 depending upon the year you were born – will mean your benefit will be reduced for the rest of your life. And that’s not the only consequence of claiming early, because if you’re still working and exceed Social Security’s earnings limit, some (or possibly all) of your benefits could be withheld. But if you start benefits and change your mind within one year, there is a way for you to undo your benefits and wipe the slate clean. Click here to read about 3 things you should know about claiming early.

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