Taking Social Security Early Is Best for Your Financial Well-being| New Updates!

It is possible to earn the right to claim benefits whenever you want without having to work for them.
When it comes to Social Security, one of the most advantageous aspects is that you are not restricted to a set filing age.

Instead, when it comes to enrolling in benefits, you have a variety of options to choose from.

The earliest you can claim Social Security benefits is at the age of 62. But it’s important to remember, regardless of your age,

you will not be eligible for your full monthly benefit based on your earnings history until you reach full retirement age (FRA), which can be either 66 or 67 years old, or anywhere in the between, depending on your birth year.

You also have the option to postpone your Social Security application past the Federal Retirement Age and get a greater monthly income for the rest of your life. If you wait until you are 70 years old, your benefits will increase by 8% for each year you delay.

It is for this reason that filing at the age of 70 may be considered advantageous. Furthermore, for some beneficiaries, delaying filing is a very sensible decision.

However, if this particular case applies to you, you may want to file for Social Security benefits well before reaching the age of 70.

When you’ve earned the right to reduce your benefits — but you want to take them sooner rather than later

Many of us want to see ourselves as having plenty of energy to enjoy retirement well into our 70s or even later in our lives.

But, let’s face it, you’re more likely to be in good health in your early 60s than you are in your late 60s or later if you travel frequently and engage in a variety of pastimes throughout that time.

As a result, you may be driven to claim Social Security benefits as soon as possible so that you can use the money to achieve the retirement goals you’ve set for yourself, such as scuba diving off the shore of an exotic island or walking up a well-known mountain peak in another country.

Social Security

For now, the only thing that may be deterring you from enrolling in Social Security early is the possibility that your payments will be reduced indefinitely.

However, if you’ve saved diligently for retirement, you may be in a financially secure enough position that a reduced benefit will not be detrimental to you

— in which case, if getting your hands on those benefits sooner makes it possible to do the things you’ve always wanted to do, it makes financial sense to claim Social Security benefits rather than waiting.

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As a result, if you have little to no money in your IRA or 401(k) plan, you may need to approach your Social Security claim in a different way.

This is especially important because, at that point, you’ll likely become dependent on Social Security to meet your expenses during retirement.

While it may be tempting to wait until you’re in your early 60s and have a $3 million nest egg, you should not hesitate to claim benefits when the time is right — even if it means missing out on what could be a significant income boost.

It is all up to you.

If you are concerned about your ability to fund your costs in retirement, delaying your Social Security filing is a proven way to receive an additional monthly income in your later years of life.

However, if you’ve been saving diligently for that milestone, you may want to take advantage of the opportunity to claim your benefits earlier and put them to good use in order to achieve your objectives.

Having put in a lifetime of effort, you deserve to take your ideal vacation or spend your early 60s living it up before your health takes a turn for the worse.

And filing for Social Security benefits far before reaching the age of 70 may be your ticket to accomplishing just that.

The $18,984 Social Security benefit that the majority of retirees fail to take advantage of

When it comes to retirement savings, if you’re like the majority of Americans, you’re a few years (or more) behind.

However, a few little-known “Social Security secrets” may be able to assist you in ensuring a raise in your retirement income.

For example, one simple method might result in you earning up to $18,984 more every year… if you do it consistently!

We believe that if you understand how to optimize your Social Security benefits, you will be able to retire securely and with the peace of mind that we all desire.