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Why claiming Social Security at your full retirement age may be a smart move
The earliest age you can claim Social Security retirement benefits is 62 and, the fact is, a majority of people do claim at that age. Problem is, by claiming earlier than your full retirement age (between 66 and 67, depending upon your birth year) you’ll be taking a cut in the amount of your benefit which will last the rest of your life, and may even affect the benefit of your survivors. If your full retirement age is 67, your benefit at age 62 will be 30% less than at your full retirement age, and if you wait until age 70 it could be 76% more than it would be at age 62. That’s a pretty wide swing, so you should consider carefully when to apply for benefits. Your full retirement age is when you get 100% of the benefit that you’ve earned from a lifetime of working, and choosing that mid-point in your 8 year claiming window could very well be your best option, as explained in this Motley Fool article by Sean Williams. Click here to read more.