While common financial advice is to delay taking Social Security benefits as long as possible, there are plenty of good reasons and circumstances in which it makes sense to claim your benefits early.

Most people become eligible for Social Security retirement benefits at age 62, even though they won't reach full retirement age until around age 67. You probably know that if you claim before your full retirement age, you'll receive a smaller check each month than if you claim later. Still, it can be worth it for some who have a lower-than-average life expectancy or who can get a significant boost in quality of life from claiming benefits as soon as possible.

But there are other restrictions imposed on early retirees that you need to know about. And if you don't know this one rule, it could put a serious damper on your budgeting in your early to mid-60s.

Continue reading

Source Fool.com