The Best Reason to Take Social Security Long Before Age 70
An underappreciated fact about Social Security is this: It lifts people out of poverty. Indeed, about 38% of Americans 65 and older would have been living in poverty in 2020 if not for that federal retirement benefit, per the Center on Budget and Policy Priorities. With Social Security, that percentage plummets to 9%.
There's a decent chance that Social Security will keep your income in retirement above poverty levels, too. But it's important to make smart decisions regarding it. And one of the first major choices you'll need to make is when to start collecting your benefits. You can file for them when you're as young as 62, or wait until as late as 70. Here are some reasons to start early.
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Source Fool.com
