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Social Security

Begin collecting Social Security
Uncle Sam gives you a choice. You can begin receiving Social Security benefits early, at the age of 62, or at your "official" retirement age. The official age is computed based on the year you were born, but it's between 65 and 67. If you choose to receive benefits early, they will be reduced to account for the longer period over which you'll be paid. You could come out ahead, depending on how long you live. Here's some guidance for transitioning into the world of government benefits.

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Links:
Social Security: Now or later?, Some Social Security benefits may be taxable, Make sure your name and Social Security number match, An older-worker's guide to getting a job, IRS warns: Watch out for these "dirty dozen" tax scams, Social Security -- retirement-age chart , Older workers may earn more -- and pay more taxes

-- Posted: Jan. 20, 2003

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