Many people are impulsive and don’t see the benefit of waiting to claim Social Security benefits.
Here’s the thing: you can’t afford to make the wrong decision. If you really have no choice, and are struggling for income, then do what you must and file a claim earlier. But if you’re financially okay, think about investment planning and waiting longer for Social Security.
Of course, you can start receiving benefits as early as 62 years of age. But then when you hit the retirement age of 66 you’re going be receiving reduced payments.
Bonus: If you were to wait beyond the full retirement age, until the maxing age of 70, you’ll get what you’ve been waiting for plus an additional amount.
So what should you do? Take the risk? Can you even live until you’re 70? The life expectancy for the elderly used to be between the ages of 62 and 70. With new clinical and health advancements we’re living to be about 79 years old right now. So consider your personal taxes, investment returns, and other available financial sources. Let those things come into play to help you make the right decision. As stated above, if you can live off another source of income and don’t have to rush to claim Social Security benefits then.
You should always have a diverse portfolio and never “put your eggs all in one basket” when it comes to finances. You should consider researching dividend stocks. They’re not going to crash and burn, the effect of their quality payouts and growth will add up more than you can imagine. Do some additional investigation on financial resources.
Think about going to the Social Security Administration’s web site and learn when you can start receiving full benefits. Remember your total lifetime payout depends on when you were born.
Have you claimed Social Security benefits at an early age and regretted it? Tell us below.
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Kenneth G. Marks has been practicing personal injury law since he was admitted to the California Bar in 1981.