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Retirement Uncertainties: Why Financial Planning is Necessary > Issue 4 > When Should Someone Start Taking Social Security?

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There is an abundance of online advice on this topic.  For every year beyond your full retirement age you delay taking social security benefits, those benefits go up 8%.  As a result, many Internet experts say that’s the way to go, as you can’t guarantee getting 8% increases on your investments in any given year so you might as well take advantage of a guaranteed 8% increase in your benefit.  Likewise, because you receive permanently reduced benefits by taking Social Security before your full retirement age, many Internet experts also caution about that strategy.  Well. . .  it’s just not…

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Ask Cadence: If I choose to take social security early and my benefits get reduced, will they stay reduced forever?

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They could, but it depends on what you did to reduce the benefits.  Most people know by now that if you take social security before you reach your full retirement age, which these days for most people is 66 to 67 years old, you will receive reduced benefits.  If you take benefits at age 62 and your full retirement age is 66, your benefits will be permanently reduced by 25%.  Every month after age 62 that you wait to take benefits sees those benefits get closer and closer to 100% of your full social security retirement benefits.  People who take…

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