Fiction: I should start receiving my social security benefits at age 62, as soon as I'm eligible.

Fact: This may or may not be true based on your personal situation. If you have other sources of income and have planned appropriately, collecting your benefits early may make sense. If you have a financial professional who can invest the proceeds (because you have other income sources) to help you garner more income—all the better!

If you have not taken the time to evaluate your income needs and how close you are to reaching them, you will want to do so prior to making the decision to begin collecting social security benefits. Many people find it makes more financial sense to wait until a later age to take their benefits, as it will result in an increased income amount.


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