Many financial experts suggest waiting to claim Social Security benefits for as long as possible to get more money each month. But there are times when it makes sense to start getting these benefits early. Let’s explore why claiming Social Security early can sometimes be a smart move.
Financial Need:
Sometimes people need money sooner because they haven’t saved enough. Starting Social Security benefits early can help them avoid using up their savings too quickly.
Spousal Benefits:
If one spouse earns a lot more in Social Security, the other spouse might start getting benefits early. This way, they can get more money overall from Social Security.
Leaving a Legacy:
Some people want to leave money to their children or grandchildren when they pass away. Starting Social Security early can help them save more money to leave as an inheritance.
Health Concerns:
If someone has serious health issues and may not live long, starting Social Security early can provide financial support when it’s needed most.
Income’s Effect on Benefits:
If you keep working after you start getting Social Security, your benefits might be reduced if you earn too much. It’s important to understand these rules.
Divorce Benefits:
Even if you’re divorced, you might be able to get Social Security benefits based on your ex-spouse’s earnings if you were married for at least 10 years.
Choosing a Financial Planner:
Deciding when to start Social Security is a big decision. Getting advice from a financial planner can help you make the best choice. Look for planners who charge by the hour so you only pay for the help you need.
Deciding when to start getting Social Security benefits is important because it’s usually a decision you can’t change later. But for those who need money, have health concerns, want spousal benefits, or plan to leave a legacy, starting early might be the right choice. Talk to a financial planner to find out what’s best for you.