When it comes to maximizing Social Security benefits, there are a couple common pieces of advice you’ll find readily available.
One says to earn as much as possible. This is a good tip, but for those near retirement, the window has largely closed. There’s also the solid Social Security tip of knowing when to claim.
Waiting to take your benefits can lead to a larger amount. But is there a way to claim earlier so you get benefits sooner, and grow your money in the process?
Try Out This Interesting Social Security Tip
For those who are eager to exit the workforce, claiming benefits early can be the right move. Some people may not have the leisure of waiting, either. Their health issues and other lifestyle factors may make continued work a challenge.
But the act of claiming early doesn’t automatically fate a person to lower benefits. According to finance professor Robert Brooks of the University of Alabama, there are benefits to claiming at 62. He says it’s a coin flip, but some seniors choose to claim early and then invest their money.
This can grow it, making up for the difference you would’ve gained by waiting. This is an ideal model for those who are well prepared for retirement and want to retire early. They can use their personal savings to live off of, and invest their benefits.
What do you think of this option? Is it something you’d choose to pursue? It’s ideal for those who are prominent investors. It can also be appealing for those who want to get more into investing once they enter retirement.
We believe that no matter when a senior chooses to retire, they deserve the maximum benefit amount. To help us support this cause, sign the Social Security Lock-Box Petition.
