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The Case for Claiming Social Security Early - Morningstar

“Claiming early,” in the context of Social Security, means taking benefits before reaching one’s full retirement age (FRA) which, for those born in 1960 or later, is age 67. There are, of course, consequences for claiming benefits early, most notably a significantly smaller monthly payment, but sometimes those consequences are acceptable, as outlined in this “Social Security for beginners – Part I” article by John Rekenthaler. As the article suggests, there are some really solid financial reasons to delay claiming Social Security until full retirement age or even beyond, but there are also several factors which suggest claiming early makes more sense, financial need and life expectancy among them. However, what should not be a factor in the decision to claim early is Social Security’s current financial woes which, as the author suggests, is a problem which Congress will eventually solve. Read all about the case for claiming Social Security early in this Morningstar article by John Rekenthaler.

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 advisory service to help Americans navigate the complexities of this program. Learn more about it here…

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