Why Starting Social Security at Age 65 Can Be a Costly Error - Insights from a Retirement Specialist! 🫣
Are you nearing retirement age and considering when to start taking Social Security? It's a big decision with many factors to consider, and it can have a major impact on your financial well-being in retirement. In this video, Medicare Retirement Expert, Marvin, breaks down the pros and cons of taking Social Security before age 65, one of the earliest possible ages to start collecting benefits, and how it relates to Medicare. On the one hand, taking Social Security at age 62 to 65 can provide an immediate source of income. It can be particularly appealing if you're facing financial challenges or health issues that make working difficult. However, there are some significant downsides to taking Social Security early. For one thing, you'll receive a smaller monthly benefit than waiting until your full retirement age (typically between 66 and 67, depending on your birth year). Additionally, taking Social Security early can reduce the total benefits you receive over y