Ready to Claim Social Security? Do These 3 Things First.

Many older Americans count down the days until they're able to sign up for Social Security, but the truth is that filing at the wrong time could hurt you financially and leave you cash-strapped during retirement. If you claim benefits at full retirement age, you'll get the exact monthly sum you're entitled to based on your earnings history. File early -- you can do so starting at age 62 -- and you'll shrink your benefits for life. And then there's the option to delay benefits past full retirement age and boost them by 8% a year, up until you turn 70.

Now you may have an idea as to when you want to claim your benefits as retirement nears. But before you do, be sure to make these important moves.

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Source Fool.com