3 Reasons I'll Be Taking Social Security Long Before Age 70

Waiting as long as you possibly can to claim Social Security retirement benefits makes superficial sense. Holding off until you max out these benefits at 70 years of age adds roughly 25% more to your payment than you would have received by claiming at your official full retirement age (FRA) of between 66 and 67, maxing out your monthly payment.Conversely, claiming at the earliest-possible age of 62 will cause your monthly check to be 30% less than your intended payment if you started benefits on reaching your FRA. (Adjust accordingly for filing dates between those two extremes.)There's a case to be made, however, for claiming Social Security earlier rather than later despite the adverse impact it will have on the size of your eventual payment. I'm thinking about making that choice myself in the not-too-distant future -- and there are three specific reasons.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool