3 Social Security Secrets That Could Leave You Richer in Retirement
You'll probably end up relying on Social Security to help pay your bills in retirement. You may even need those benefits to provide the bulk of your senior income. As such, it's important to read up on how Social Security works, and here are a few pieces of inside information that could really help you score a higher benefit check later on.
You're entitled to your full monthly benefit, based on your wage history, once you reach full retirement age, which kicks in at 66, 67, or somewhere in between, depending on the year you were born. But the Social Security Administration (SSA) will allow you to start collecting benefits as early as age 62, albeit at a reduced rate for life.
Some people wind up filing at 62 because they need the money or fear that if they don't claim their benefits, they'll somehow lose out on them. But if you file for Social Security early and regret it later, you do have the option to undo your filing. As long as you withdraw your application for benefits within a year and repay the SSA all the money it paid you, you'll get a chance to file a new claim later on, thereby securing a higher monthly benefit.
Source Fool.com
