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Reasons for claiming Social Security earlier
Most financial planners, looking mainly at the financial character of your Social Security benefit, will counsel clients to wait as long as possible to claim Social Security in order to get the highest possible benefit. But, there are some really good reasons why waiting to claim may not be the best option. For example, if claiming early allows your dependent(s), such as a minor or disabled child (or a spouse), to also collect benefits then the combined amount may overshadow the higher benefit you’d get by waiting. According to the Social Security Administration, about 70% of workers claim their benefits before their full retirement age, and that may be exactly the right decision. But the key point is to consider all of your options carefully, including the possibility of using savings for income instead, when deciding when to claim your Social Security benefits. This Government Executive article by Tammy Flanagan, although targeted at Government employees, holds true for everyone considering when to claim their Social Security benefits. Click here to read more.
Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public service to help Americans navigate the complexities of this program. Learn more about it here…