Channel3000.com
December 12, 2020 11:00 AM newsfeedback@fool.com (Christy Bieber)
Posted:
Updated:
December 14, 2020 8:36 AM
Your financial situation as a retiree will have a major impact on whether you enjoy your later years or struggle through them. Fortunately, even if you’re close to retirement, you can still make smart decisions to eliminate financial stress.
In particular, there are three big choices that will have a profound impact on your finances for the rest of your life.
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1. When you’ll claim Social Security
You have a choice when to start getting retirement benefit checks, and it will affect your monthly income for the rest of your life. You can start claiming them as early as 62, but starting them so young means accepting a reduced benefit due to early filing penalties. The specific reduction depends on just how early you claim benefits, but if your full retirement age (FRA) is 66 and you begin your benefits at 62, you