Social Security payments will see these 3 changes in 2026
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In 8 years, I will qualify for an average Social Security income. I have no retirement saved and am not a homeowner but I have been blessed with a modest inheritance. What financial advice would you give in this situation?
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Why So Many Retirees Are Rethinking When to Claim Social Security
Inflation, higher interest rates, taxes, and the 8% delayed retirement credit have many retirees reconsidering when to claim their Social Security benefit.
The Social Security Administration penalizes you for every month you claim checks under your FRA. You lose 5/9 of 1% per month (6.67% per year) for up to 36 months. If you claim more than three years early, you'll lose 5/12 of 1% per month (5% per year) for each additional month of early claiming.