Consider pros and cons before claiming Social Security benefits

Many people in their late 50s and early 60s are considering when to claim Social Security benefits. Working while claiming can provide additional income and potentially increase future benefits, but there are important drawbacks to consider. Claiming Social Security before full retirement age can reduce monthly benefits by up to 30%. Additionally, higher earnings may lead to taxes on benefits and could result in withholding due to the earnings test, affecting overall income. Deciding whether to claim Social Security while working depends on individual circumstances. Weighing the pros and cons is essential to determine the best approach for financial stability.