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The Dangers of Taking Early Benefits
Taking Social Security benefits early may sound like a good idea, but it could end up hurting you in the long run. Even those who have little to nothing in retirement savings could benefit from waiting to start collecting Social Security. One of the best options in this scenario is to continue working while letting your benefit payouts grow higher. If you instead take early benefits you may find that you still need to continue working to make ends meet, at the same time locking yourself in to reduced benefit payouts for the rest of your retirement. And a double hit could be that some of your benefits will be withheld because you earned over Social Security’s earnings limit. For more information visit this article by Sean Williams with Madison.