29% of Social Security recipients claim benefits early

Many retirees depend on Social Security for their income. A recent survey shows that 29% of recipients start collecting benefits at age 62, the earliest possible age. While this may seem normal, it can be a costly mistake. Claiming benefits at 62 leads to a 30% reduction in monthly payments if your full retirement age is 67. This lower amount is permanent and could be a problem. If you live longer than expected, you might run out of savings faster without a larger Social Security benefit to rely on. Some may feel they made the wrong choice by claiming early. If you are within a year of filing, you might have a way to change this. You can withdraw your application and repay the benefits you received. This allows you to reapply later for a higher monthly benefit. However, you can only do this once. It's important to think carefully before claiming benefits early. With the possibility of future cuts to Social Security, having a higher monthly benefit can be crucial for financial stability in retirement.