Summary
Retirees need to understand several key Social Security rules before claiming benefits. First, claiming at age 62 can permanently reduce monthly payments by up to 30%, while delaying benefits until age 70 can significantly increase lifetime income. Second, retirees who continue working before reaching full retirement age may temporarily lose part of their benefits if earnings exceed federal limits. Third, Social Security was never designed to replace employment income fully, so retirees should combine benefits with savings, pensions, or investment income. Financial experts recommend reviewing health, life expectancy, savings, and long-term expenses carefully before deciding when to start collecting benefits.
The Motley Fool
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