The federal government allows retirees to start drawing Social Security as early as age 62, a feature that more than 40 percent of Americans take advantage of as they gladly draw from the system they spent a lifetime paying into.
But many of those people may be making a mistake, says Reid Abedeen, a partner at Safeguard Investment Advisory Group, LLC (www.safeguardinvestment.com).
“While you’re allowed to start drawing Social Security when you are 62, your monthly benefit will be reduced,” Abedeen says. “Although there might be personal reasons why someone needs to apply early, for most people it’s probably better to wait at least until their full retirement age.”
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