Approximately 42% to 49.5% of Baby Boomers and seniors are living paycheck to paycheck. For many, there may not be a real choice as to when they collect Social Security. The earliest you can collect is 62, and for many seniors, it feels like a necessity due to the rising cost of housing, medical bills, and more. On paper, starting benefits at 62 sounds like immediate relief, but many retirees quickly discover the long-term financial reality is much tougher than expected. Monthly checks are permanently reduced, inflation keeps pushing costs higher, and many early retirees still need part-time work just to stay afloat. If you are considering claiming your Social Security early, here are several things you need to keep in mind.
