Social Security Is Withholding Income From Seniors at the Worst Possible Time

It's not just younger Americans who are struggling financially during the COVID-19 crisis; older Americans are hurting as well. In fact, in April, the unemployment rate among workers aged 55 and over was 13.6%, up from just 2.6% in January, well before COVID-19 was thought to be a local concern.

As such, many older Americans, including those grappling with job loss, are finding themselves in the unenviable position of being desperate for money. And many are looking to Social Security to provide it. But one provision designed to supply seniors with a potentially large lump sum of cash isn't working out as planned.

If you're out of work and need income, you can claim Social Security at any age starting at 62. But you won't be entitled to your full monthly benefit based on your earnings history until you reach full retirement age (FRA), which, depending on your year of birth, is either 66, 67, or 66 and a specific number of months. You're also allowed to delay your filing past FRA, and for each year you do, your benefits increase by 8%, up until age 70.

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Source Fool.com