4 Reasons Social Security Might Pay You Less
Millions of seniors today rely on Social Security to stay afloat in retirement, and chances are, once retired, you'll do the same. But the decisions you make could result in a lower monthly benefit for life, and that's a situation you'd probably rather avoid. Here are a few reasons you could wind up with a reduced paycheck from Social Security.
You're entitled to your full monthly Social Security benefit based on your earnings history once you reach full retirement age, which is either 66, 67, or somewhere in between, depending on your year of birth. Now you're allowed to start taking benefits as early as age 62, but for each month you claim them before full retirement age, they get reduced on a lifelong basis. File at 62 when you're not entitled to your full benefit until age 67, and you'll be looking at a potentially devastating 30% hit on your monthly income.
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Source Fool.com
