President Trump May Let Workers Take Social Security Early -- With a Catch
Millions of Americans are struggling due to the COVID-19 crisis, and while there's already been some degree of relief -- namely, boosted unemployment benefits, forgivable small business loans, and the stimulus payments that have been going out since April -- a lot of people are still desperate for money. Those in need of cash have several options at their disposal. They can borrow against their homes, apply for personal loans, or even raid their retirement plans early without the penalties that normally apply for doing so. But desperate Americans may have another cash source to tap -- Social Security.
The Trump administration is reportedly considering the idea of prepaying Social Security benefits to workers before they're eligible to file. Normally, the earliest age to sign up for Social Security is 62, and claiming benefits at that age results in an automatic reduction in those monthly payments. Generally, that reduction is lifelong, though it's possible for seniors to undo their filings and avoid that fate.
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Source Fool.com
