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

July 18, 2024 · Personal Finance
Claiming Social Security early
Photo by JohnKwan from Shutterstock

7. You Already Have 35 Years of Service Credit

The benefit amount you’ll receive from the Social Security Administration is calculated based on your earned incomes in the 35 years in which you had the highest compensation. If you’re currently hitting your peak earning age, you could increase your benefits by working for a few more years and deferring your benefits.

However, if you think that your average earnings won’t go up, such as if you’re a part-time employee or you had your reasons to retire early, you won’t lose the opportunity to increase your benefits with higher earning years. You will, however, have your benefits reduced if you don’t wait until full retirement age. Plus, just think about how that will help you pay off existing loans or modify your credit cards!

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1 comment on “Claiming Social Security Early: 8 Reasons Why You Should Do This”

  1. Brenda Joy Delk says:
    April 21, 2025 at 10:50 am

    Can spouses who receive CSRS pension collect anything from their husbands/wife receive anything from social security after their death.

    Reply
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