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What are the advantages and disadvantages of choosing to begin taking Social Security retirement benefits prior to full retirement age?

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What are the advantages and disadvantages of choosing to begin taking Social Security retirement benefits prior to full retirement age?

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The primary advantage is that you collect benefits for a longer period of time. On the other hand, the primary disadvantage is that your benefit is permanently reduced. Each person’s situation is different, so make sure you contact Social Security before you decide to retire.

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