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Claiming Benefits Early…Not Always a Bad Move
Most financial counselors will advise clients to defer filing for Social Security benefits as long as possible, but at least until reaching full retirement age. This strategy will ensure that your monthly benefits payment will avoid the reduction accompanying the decision to file early. In most cases, that’s sound advice, but there are circumstances when filing early makes sense, as explained in a post for U.S. News & World Report by Rachel Hartman and Brian O’Connell. The post, which you can read in full here, outlines seven specific situations in which early filing may be appropriate.
Beyond the items noted in the post, there’s another one that comes to mind…if you have a robust financial situation and aren’t concerned about outliving your financial resources, claiming at age–the earliest allowable date–and using the funds to speculate in the financial markets could also be worthy of consideration. Lots of folks have done just that. Again, a personal choice.