How Much Does Filing Early Cut My Social Security Benefits?
Eligible Americans can file for Social Security when they're as young as 62. But claiming your benefits anytime before your full retirement age (FRA) -- 66 to 67, depending on when you were born -- is considered filing early, and doing so will reduce the size of your monthly checks by as much as 30%, depending on just how early you choose to start receiving them.
While retirees will receive smaller monthly checks if they claim early, that doesn't necessarily mean they'll get less money overall. The formula for calculating the size of those checks was crafted with the goal that the total benefits you receive should come out to be about the same no matter when you start taking them, assuming you live to the average actuarial age you're expected to.
However, retirees still need to understand how filing at different ages affects monthly income so they can make informed choices.
Source Fool.com
