An Option for Claiming Benefits Early
Many retirees cannot afford to wait to take Social Security benefits and need to start receiving their check at 62, the earliest that they are eligible. Most experts agree that if you can afford to, the best option is to wait as long as you can to let your benefits grow before you start collecting. However, this advice assumes that any money received from Social Security will be immediately spent. While this is true for those that rely on Social Security as a primary source of income, some retirees could see a greater return on Social Security should they choose to collect early and invest their benefits. Investing benefits collected early could yield higher returns than the natural growth gained from waiting to collect benefits until a later age. For more information on this subject, visit this article by Dan Caplinger with The Motley Fool.