3. You Need To Pay Off Debt
Living your golden years without having to worry about paying off any debts and making loans sounds great. The truth is that sometimes it’s better for you to pay off some debts before retirement. If you have a debt with a high rate, then claiming Social Security early may be a clever idea.
Depending on your interest rate, the credit of 8% yearly that you earn for each year you delay taking your benefits past full retirement age may not be worth the greater monthly benefit.
That’s why claiming the early benefits may help you to reduce or even eliminate your debt faster. This also means that you’ll be able to enjoy more of your retirement benefits in the future. After all, who wouldn’t want to pay off their loan before passing it onto the rest of the family?
Can spouses who receive CSRS pension collect anything from their husbands/wife receive anything from social security after their death.