You May Have To Claim Social Security Earlier Than Expected: Learn Why

One of the most critical retirement decisions you'll make is when to start receiving Social Security payments, which will affect your monthly income.

But there is a chance you won't be able to choose your own retirement age. Many workers could be forced to take Social Security benefits early, even if they don't want to.

58% of U.S. workers plan to work full- or part-time after retirement, according to a 2022 Transamerica Center for Retirement Studies analysis.

75% of those planning to work require money. Nearly half wanted the extra money, and 28% had to work since they didn't have enough saved to retire.

There's nothing wrong with working after you retire, and if your savings are running low, it might be a good idea.

51% of early retirees don't have a plan, according to Transamerica. If health difficulties or job loss force early retirement, you may need Social Security.

To make ends meet if you retire early, you may need to start receiving Social Security. If you file at 62, your benefits will be reduced by 30% for life.

Early retirees may suffer two blows. Early Social Security filing could cost you hundreds of dollars per month and cost you a job.

If you and your spouse are eligible for Social Security, one of you can start receiving benefits early while the other waits. 

That can provide you extra income now, and you can still take advantage of the bigger checks if you wait.