3 reasons to claim social security benefits early

The early bird catches the worm, but what does the first social security claimant catch? Well, in many cases, they collect more money, in total, from Social Security than those who start collecting benefits later.

You can start receiving regular social security retirement benefits from the age of 62 and up to 70. Here’s a look at three reasons you might want to claim your checks earlier.

N ° 1: take early retirement

Life, for many of us, is short – or at least shorter than we would like. Those of us who work as long as possible may end up being surprised at how short our retirement is, or we may find ourselves in relatively poor health, unable to make the most of retirement when we finally retire. If you can afford to quit work earlier than expected, claiming your Social Security benefits in your early sixties can help you retire early.

By retiring early, you will likely still be fit enough to take the trip you have long wanted to take and to enjoy recreational activities such as golf, tennis, gardening, etc. You can probably spend more quality time with your family members, maybe especially your grandchildren, before they get older.

N ° 2: to maximize your benefits

Another reason to claim your benefits early is to maximize them. Know that each of us has, in the eyes of the Social Security Administration (SSA), a “full retirement age” at which we can begin to receive the full benefits to which we are entitled, depending on our history of retirement. income. For most of us, it’s 66 or 67. If you start collecting before you reach full retirement age, your benefit checks will go down – down to about 30%.

Meanwhile, for each year beyond full retirement age that you delay the start of Social Security collection, your benefits will increase by about 8%. So delay 67 to 70, and you can cash checks about 24% larger. Delaying may seem like an obvious decision, and for some people is best thing to do – but remember, if starting early means smaller checks, you’ll be collecting a lot more.

Overall, the system is designed in such a way that those living in the middle age receive roughly the same total amount regardless of when they start collecting. Each of us must therefore do our own calculations. If your family line does not have the longevity or you are not in good health, starting to collect early can make a lot of sense.

N ° 3: To coordinate with your spouse

Finally, you might want to start collecting Social Security early if it’s part of a coordinated strategy with your spouse. Remember that when a partner dies in a marriage, the survivor can collect their own Social Security checks or the deceased partner’s checks, whichever is greater. So a couple might aim to delay collecting social security for the high-income spouse as long as possible (up to age 70) and start collecting checks for the low-income spouse as soon as possible. Every couple’s situation is different, so it’s worth exploring the many strategies that exist.

Think about when you should start collecting your Social Security benefits, in order to get the most out of the program. Don’t hesitate to ask for help either. You could read up on the subject or even consult a financial planner.