Despite the reduction in benefits, there are times when it makes sense for clients to collect Social Security before full retirement age. Clients considering this option should know that their work income will decrease the amount of benefits they get, at least temporarily.

If one is working and is not yet at full retirement age, for every two dollars they earn over $15,720 (the figure for 2015), one dollar in benefits would be withheld, says Steve Williams, vice president, national head of financial planning at U.S. BMO Private Bank in Chicago. For example, if one makes $25,720, they would be $10,000 over the limit and $5,000 of their Social Security benefits would be withheld.

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