2 High-Risk Social Security Strategies That Could See You Through Tough Times
Across the country, millions of Americans are experiencing financial struggles right now because of COVID-19. If you are one of those people struggling and you're 62 or older, you may feel you don't have many good choices for how to proceed. After all, if you've lost your job in your mid-60s, finding a new position right now could feel impossible with unemployment rates so high. And you may not want to go back to work right now anyway, as the coronavirus has proved to be especially dangerous for older people.
One option you may be entertaining is going ahead and beginning to claim your Social Security retirement benefits. However, if this is something you're considering, remember that there's a major downside: Claiming your benefits ahead of your full retirement age could be very costly since you'll be subject to early filing benefit reductions.
The good news is, you don't have to just give up and accept lower Social Security benefits for life if you need some relief funding to see you through a rough patch. There are a few Social Security claiming strategies that enable you to get money now without a substantial permanent reduction in the size of your checks. The bad news is, both carry substantial risks.
Source Fool.com
