Thinking of Claiming Early to Avoid Depleting Savings? Not so fast!

Planning for retirement can be a challenging exercise, especially when it comes to evaluating your savings and how to make sure they’re not depleted before you die. Many people about to turn 62, the earliest you can collect Social Security retirement benefits, may be tempted to take their benefits early with a goal of preserving their retirement nest egg. But, is that really a wise idea?  Well, considering that you will take a lifetime permanent cut to your SS benefits if you claim before your full retirement age, and considering how much your SS benefit can grow if you wait longer to claim, applying for SS benefits early may not be such a great choice after all. This article by Maurie Backman appearing in the Winston-Salem Journal explores this question in more detail. Click here to read more.

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