Read this page before you claim your Social Security benefits. Don’t make an uninformed fast grab for cash.
According to a recent report issued by the Consumer Financial Protection Bureau (CFPB), “Annually more than 2 million consumers make one of the most important financial decisions of their lives: choosing when to begin collecting Social Security retirement benefits. Yet, many make the decision based on limited or incorrect information. As a result, many consumers start collecting benefits at the earliest possible claiming age without understanding that by claiming early, they receive a reduction in benefits that can threaten their financial security in retirement.”