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HomeUncategorizedThe Best Reason to Take Social Security Long Before Age 70

The Best Reason to Take Social Security Long Before Age 70


Settling for less money isn’t always a bad thing.

If you’re eligible for Social Security benefits in retirement, you get to choose when to sign up. Once you turn 62, you can file a claim at any time. But if you don’t wait until full retirement age to take benefits, you’ll have to settle for a reduced monthly paycheck for life.

Full retirement age hinges on your year of birth. For anyone born in 1960 or later, it’s 67.

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You don’t have to sign up for Social Security once full retirement age arrives, though. You’re allowed to delay your claim past that point. And for each year you do, up until age 70, your monthly benefit gets an 8% boost. So with a full retirement age of 67, you’re looking at a 24% increase to your monthly checks by waiting until 70 to file for Social Security.

For this reason, some people will tell you that 70 is the best age to sign up. But here’s why you may want to claim benefits much sooner.

When you get to enjoy your money to the fullest

It’s true that claiming Social Security at 70 will give you the highest monthly payday based on your personal wage history. But it won’t necessarily give you the most satisfaction. And for that reason, it could pay to take benefits well ahead of your 70th birthday.

Imagine you’ve spent your entire life working hard and saving for retirement so that by the time your 60s arrive, you’re able to leave your job behind and travel. Well, you deserve to be able to do those things. And if claiming Social Security well before age 70 makes them possible, then you shouldn’t hesitate to file for benefits at an earlier point in time — especially if you have money to fall back on.

Furthermore, you may be in good enough health to meet your personal goals in your early or mid-60s. By age 70, that may not be the case. So if you’ve saved enough that you can afford to not get the maximum monthly Social Security benefit you’re eligible for, then it pays to sign up earlier if getting access to that money enhances your quality of life and leads to personal satisfaction.

Extra money shouldn’t always take priority

It’s always a nice thing to have access to extra money, whether in the form of a raise at work or a boosted Social Security benefit in retirement. But sometimes, it pays to turn down extra money, too.

It’s not unheard of to say no to a promotion that comes with a raise if it means a lot more working hours and stress. Similarly, you can say no to a larger Social Security benefit if it means having to wait to retire when you’re ready to leave your job behind, or if it means potentially missing out on some of the things you’ve always wanted to do.

If you’re entering retirement with little to no savings, then it does pay to consider claiming Social Security at age 70. But if that’s not the case, then you shouldn’t feel silly or guilty about filing earlier and locking in a smaller monthly benefit in the process.



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