Social Security offers the choice to take the benefit as early as age 62 —an option that may appeal to more older Americans given high rates of unemployment in the pandemic. But some people may regret that decision if they resume working as the economy improves. Luckily, they may be eligible for a do-over.
Recessions and a jump in early Social Security claims go hand-in-hand, according to research from the Center for Retirement Research at Boston College. Already, there’s evidence that some older workers are getting pushed into retirement, with a 7-percentage-point increase in the number of Americans claiming they had retired after the pandemic, according to research published earlier this year from the University of Chicago’s Becker Friedman Institute.
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