1. You’re Planning Your End-of-Life Care

The Social Security Administration stops paying your benefits once you pass away, so if your death occurs before you start collecting benefits, you’ll have failed to take advantage of benefits entirely. Instead, you should find ways to maximize your Social Security income. For instance, let’s say you’ve decided to wait until age 70 so you can sign up for larger Social Security benefits.

If you die prior to your 70th birthday, you won’t get any benefits. Yes, it’s impossible to know exactly how long you may live, especially when you’re in good health. But even so, delaying Social Security might also force you to make loans in order to cover health expenses.

However, if you’re struggling with a serious or terminal illness, delaying monthly retirement payments in order to get greater benefits may not be worth it. Instead, claiming Social Security early in these conditions proves to be a wiser move.