Filing for Social Security is one of the biggest decisions of your life, as it can directly affect the monthly and lifetime retirement income you receive. You work hard to pay into the Social Security benefits system and earn your benefits, and you owe it to yourself to understand how the age when you claim them will affect you.

Fortunately, if you understand a few basic Social Security rules about early filing penalties, you can see exactly how much early filing reduces your benefit, and decide if it's the right move for you.

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Source Fool.com