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Watch Out Not to Lower Your Social Security Benefit for Life

Maurie Backman notes the importance of Social Security in retirement. It is thus important to lock in as generous a monthly benefit as you can. But making any of the three moves here might do the opposite — slash your monthly benefit for life. First, if you claim before full retirement age (now 67) you get less, up to a 30% cut if claiming at the earliest age of 62. Second, retiring before completing 35 years of work will mean less than if you had a full record. Third, not correcting errors in your work history will cost you. Read Backman’s full piece here.

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