Why do people take Social Security early?
Why do so many people take their Social Security benefits early? According to a recent Boston College survey, the reasons are myriad, but the fact is that a majority of people apply for Social Security benefits before their full retirement age, which for people retiring today is between 66 and 67 years of age. Around 45% of beneficiaries surveyed claimed benefits as soon as they were eligible at age 62, which means they took a substantial reduction in the amount of their monthly check. While the reasons people applied early are many, they fall into just a few categories. This Motley Fool article by Sean Williams discusses the survey results and interprets the meaning of the findings. Click here to read more.
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