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It's well known that claiming Social Security early results in a lower benefit, but just how low is it?
Most Americans know that the earlier you start collecting Social Security, the less you're going to get each month -- but just how much of a reduction are we talking about? In this video, Certified Financial Planner® Matt Frankel discusses the actual data, as well as how to tell how much you could get if you start collecting Social Security early.
*Stock prices used were the morning prices of Sept. 20, 2024. The video was published on Sept. 21, 2024.
Matt Frankel, CFP, is a contributing Motley Fool Personal Finance Expert and Stock Market Analyst covering financial and real estate sectors, plus personal finance. Prior to The Motley Fool, Matt was a high school and collegiate mathematics instructor. He holds a B.S. in Physics from University of South Carolina, an M.S. in Mathematics from Nova Southeastern University, and a graduate certificate in financial planning from Florida State University. Fun fact: Matt won a SABEW award for coverage of the 2017 Tax Cuts and Jobs Act.
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Matthew Frankel is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link, they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool.
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