Reasons to collect Social Security early
Despite most experts urging Americans to wait as long as possible, or at least wait until retirement age, before collecting Social Security benefits, the advice may not be right for everyone.
You may want to consider collecting early if you are in poor health and do not expect to live well into your 70s or 80s. While you’ll have a small penalty for collecting Social Security early, it may be worth it to make your life comfortable now.
Similarly, if you need the money now to make ends meet, taking Social Security could be the best option for you. Most people eligible for Social Security start collecting before retirement age.
On the other hand, if you believe you’re highly skilled in finance, it could be beneficial to take out Social Security and invest it yourself. However, if you’re still working or have other income coming in, your benefits could be subjected to income taxes.
To learn more about early retirement and Social Security, contact the Social Security lawyers of the Hankey Law Office, P.C. at (317) 634-8565.