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Thoughts on Avoiding the Age 62 Filing Impulse
Statistically, filing for Social Security at the earliest possible age (62) has always been popular, and still about a third of all new filers are that age. The proportion of early filers has been declining in recent years, doubtless because of more folks recognizing the long-range impact of the permanent monthly benefit reduction. In fact, as explained in a post by The Motley Fool’s Maurie Backman tpday on their website, filing at age 62 results in a permanent reduction of 30% in one’s monthly benefit, something that could cause a cash shortage much later in life. Depending on a retiree’s overall financial picture, that shortage could be devastating. For more thoughts on this issue, check out Ms. Backman’s post here.
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