Social Security: Reasons for Taking it Early

Many people think that the longer you wait to retire the better as your monthly payment and benefits can be higher. However, there are other factors to consider about early retirement. In many cases in can be beneficial to you and your family. The truth is that you should avoid sacrificing your financial future just because you want to get a better payout later on. This is not something to take lightly and it’s important to consider certain facts before making any kind of decision.

LOWER TAXES:
It’s important to note that social security benefits can help you pay lower tax bills as the years pass.

FAMILY BENEFITS:
People who are eligible for any kind of retirement benefit need to make sure that they apply for survivor benefits and then they can apply for a different and higher type of benefit in the future. One of the main reasons to claiming early is a good idea is because you can end up allowing your family members to benefit from your social security. For example, your child or spouse could be getting a monthly payment for half of your retirement benefits. This is very useful, and it gives the social security benefits a whole new dimension. Anyone who was born before 1954 and is already at full retirement age is going to be able to receive their spouse’s benefit or just their own. Anyone born after that year is not going to be able to take a single benefit only. This is important information to know before you decide how early on to take your social security.

RECEIVE BENEFITS NOW WHILE YOU ARE ALIVE
While the risk of death or disability before the age of 70 is low, there is a growing movement to receive what you can WHILE you can. After all, if you die before your retirement you would lose all the money you could have potentially gained in receiving it early.

FINAL THOUGHTS
It’s always a good idea to learn as much as you can about the different scenarios that can take place depending on when you take your social security. The best way to ensure a good decision is to be as informed as possible and this is going to help you determine the best course of action. Please contact us today for a personal analysis if you or your loved one needs assistance in determining this very important decision.