When to start collecting Social Security benefits. Chapter 2.

You have three main options:

  • Start collecting early
  • Start collecting at full retirement age
  • Start collecting after full retirement age

Let’s discuss the first one: start collecting early?

You can start collecting between age 62 and full retirement age and receive reduced benefits. The reduction can be up to 30% depending on your age.

 

The Pros:

You can potentially collect over a longer period of time depending on longevity.

The Cons:

You reduce your monthly benefit for life and the life of your surviving spouse.

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