The Cost Of Claiming Benefits Early
If you claim benefits before your full retirement age (FRA), you incur a penalty: your benefits are reduced. The annual reduction pattern for those born between 1943 and 1954 is the following:
|Age of Claim||Benefit Reduction||Example: $1000 Full Monthly Benefit|
The majority of Social Security claimants take their benefits early, and for many, it is the wrong decision. Order a custom benefit analysis to learn how claiming benefits early will impact you.