Claiming Social Security Early: 8 Reasons Why You Should Do This

claiming social security
Photo by Andrey_Popov from Shutterstock

Sometimes, claiming Social Security early is not such a bad idea.

Your retirement planning probably includes receiving Social Security benefits. Starting to collect these benefits might have a major impact on your planning. You can collect Social Security benefits as early as age 62, but you must know that you won’t receive the full amount of benefits from the Social Security Administration.

You can only do this once you reach your full retirement age (FRA) which you can calculate here. If you start your benefits after your FRA, you can earn greater benefits by receiving delayed retirement credits.

Claiming Social Security early or delaying retirement benefits is up to you. There’s no right or wrong answer since every individual’s life is different. Before you make this decision, you must take into consideration several factors such as current health and cash needs, family longevity, whether you have other sources of income and so on.

While some people can afford to delay their retirement benefits, others may find that getting them early may be the best financial decision. If you think that you’re rather in the second category, we have a list of 8 reasons why claiming Social Security early is not such a bad idea.

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6 thoughts on “Claiming Social Security Early: 8 Reasons Why You Should Do This”

  1. Some basic information that every retiree needs to know in evaluating when to pull the trigger on Social Security Benefits. Thank you.

    1. I looked at what my lifestyle will be when I start my SS. Early I will be more vibrant and able to do things. Also I did the simple math and found I would be pretty old by the time the I caught up with the amount I got while taking the earliest benefits.

    1. If you are 62 or older and have contributed for 10 pr more years you cannot be denied. I worked full-time for 46 years starting at age 16 (yes 16…48 hrs a week at a gas station while in HS) I took early retirement at age 61 in November 2017, And claimed benefits to start in March 2018 when I turned 62. My wife is retiring in April and just recieved her first payment this week and just turned 66 this week. If you were denied you either didn’t have enough credits were not 62 or did something wrong filing. Call Social Security and find out.

  2. Why can a widow not claim her husbands survior benefits if married 38 years if she worked for a City government and she only get $350 and she would receive $1000 on his side which would help her payoff the credit card debt he left her on her card-they say it is because of her City check is a little higher but that should not factor into it – she supported him for 38 years – WHY can’t she not get the beneft to help pay off the credit card?

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