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7 Reasons You Should Not Claim Social Security Early

The sooner you claim your Social Security retirement benefits, the more you — and perhaps also your spouse — stand to lose. Here are the stakes. Some people believe in starting to collect Social Security as early as possible, which is generally at age 62. “Live while it is yet possible to live!” the early birds cry. “After all, I could die tomorrow, and then the government will keep my money.” What’s more likely is that you’ll live a lot longer than 62. According to the Social Security Administration (SSA), the average woman reaching the age of 65 today will live until 86.5. The average man who is 65 today can expect to live until 84. One way to help ensure you don’t run out of money before then is to postpone claiming your Social Security retirement benefits. There are advantages to waiting as late as 70 years old. While waiting until age 70 isn’t for everyone, following are some reasons that claiming sooner than later can be a bad idea.
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