Billy and Akaisha decided to claim Social Security early at 62, even though it meant a permanent reduction in their benefits. If you start collecting Social Security at 62 rather than at your full retirement age, your benefits can be reduced by up to 30 percent, according to the Social Security Administration.
But Billy calculated that they would be better off financially by collecting Social Security as soon as they were eligible and investing their benefit checks. If their investments grow 8 percent annually, they’ll end up with more money than if they had waited until their full retirement age at 66 to collect a larger benefit.
Invest Social Security Benefits Billy and Akaisha decided to claim Social Security early at 62, even though it meant a permanent reduction in their benefits. If you start collecting Social Security at 62 rather than at your full retirement age, your benefits can be reduced by up to 30 percent, according to the Social Security Administration.
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