If you’re considering claiming Social Security, it’s tempting to make the move as soon as possible.
After all, who wouldn’t want to exit the workforce and spend their time on their own terms? Plus there’s a bias in our society for being early and getting things done as quickly as you can.
Early to bed and early to rise, the early bird gets the worm, etc. — we’ve all heard this philosophy before. But is it better to claim your retirement benefits early? Or could patience pay off for you?
Is Claiming Social Security Early Right for You?
The choice about whether to claim Social Security early is really a subjective matter.
It comes down to preference — and your preference may also depend on your situation. To determine whether it pays to wait, ask yourself the following questions:
- Are you able to continue working?
- Do you have a career you enjoy, and that pays well and/or offers great benefits?
- Are you in good enough health to stay in the workforce for another decade or so?
- Do you feel a sense of loyalty to your workplace, and desire to stick around longer?
- Does working make you happy, or improve your quality of life?
If you can stand to stay in the workforce longer, your patience could pay off. For those who wait until age 70, or even close to this age to take benefits, the monthly payouts could be much larger.
If you want or need to exit the workforce quicker, early retirement is the better option. It’s also worth mentioning if you expect to live longer, your total benefits collected could be higher even if you claim earlier.
We Protect Benefits for All Retirees
If there’s one thing that shouldn’t impact your decision about when to take retirement, it’s fears about whether or not the money will be there.
We work to make sure retirees’ benefits will be protected with our Social Security Lock-Box Petition. Check it out and bookmark our page for more news — you can also find us on Facebook and Twitter.
