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Released: July 12, 2011
Boomers who work longer get more from Social Security
Source: Sandra Block, USA Today
Most of us aren't very good at delayed gratification, which is why so many pies mysteriously disappear before it's time for dessert. Social Security is no exception. Most seniors file for benefits as soon as they become eligible at age 62, even though that results in a permanent haircut in their monthly benefits. Many seniors have no choice: They've been laid off or downsized, and companies aren't exactly lining up to hire older workers (or young ones, either). Others have been forced to file as soon as they're eligible because of health problems. Some have physically demanding jobs that eventually take their toll on aging bodies. But if you're healthy and employed as you approach your 62nd birthday, you may want to think twice about turning in your security badge. Claiming Social Security at 62 could reduce your benefits by as much as 8% a year until full retirement age, which for current retirees is 66, the AARP estimates.Read Full Article: Boomers who work longer get more from Social Security
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