Early Social Security Benefits Come at a Cost
Retirees overall started claiming their Social Security benefits at earlier ages due to the economic downturn but while such a decision can provide a source of money earlier it comes at a long-term cost, a recent study found.
The report by the Center for Retirement Research noted that during the worst of the downturn in 2008 and 2009, the percentage of people claiming Social Security at the earliest possible optional age of 62 rose, reversing a long-term trend of delaying benefits.
Under Social Security, the "full" or "normal" retirement age currently is 66.
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