Ken and Rick discuss the pros and cons of retiring early and how this can affect social security benefits and taxes.

If you and your spouse have a nice amount of money saved up, then you may decide that you'll each claim Social Security as soon as you're able to — meaning, at age 62. And if you're the same age, that would have you filing for benefits at the same time.

In 2025, significant changes are on the horizon for Social Security beneficiaries in the United States. From cost of living adjustments to shifts in retirement age, understanding these updates is crucial for planning your financial future.

I am 63 and decided I want to go ahead and start drawing my Social Security retirement benefits.

A child’s benefits can only begin once their parent has begun receiving retirement benefits. If a parent claims Social Security before their full retirement age, both their benefit and their child’s benefit will be reduced. However, claiming early for a reduced amount could still mean some families come out ahead financially.

There's a magic number to know that can help you maximize your Social Security income when you are ready to retire. Trending Now: Need to Cut Expenses While on Social Security? Here's the First