Your Trusted Source for Financial Insights
Our editorial team is dedicated to providing accurate, unbiased reviews of financial services. We rely on data-driven methods to ensure our evaluations are not swayed by advertisers. Learn more about our editorial standards.
With uncertainties surrounding future Social Security benefits, many wonder if they should begin their claims sooner rather than later. Changes like the One Big Beautiful Bill Act have sparked concern. Here, we explore seven compelling reasons to start claiming Social Security at 62.
Health Concerns and Early Claiming
Considering health risks is crucial when deciding on Social Security. Starting benefits early can provide financial security, especially for those with health challenges. Financial advisor George Pikounis notes, “Claiming early ensures you receive the benefits you’ve invested in throughout your working life.”
Minimizing Asset Withdrawals
Early Social Security benefits can reduce the pressure on your assets. In today’s volatile economy, this consistent income allows retirees to withdraw less from other savings, potentially extending their portfolio’s lifespan.
Addressing Income Inconsistencies
A primary challenge in retirement is inconsistent income. Social Security can provide a stable monthly payment, alleviating the need to work part-time and giving peace of mind during retirement.
Challenges in the Job Market
Finding work later in life can be difficult, with biases favoring younger workers. Social Security serves as a financial bridge, aiding those who struggle with employment later in life.
Veterans’ Advantages
Randall Yates from VA Loan Network emphasizes that veterans, especially those with limited retirement funds, can greatly benefit from early Social Security claims. It offers a reliable income stream to counteract rising expenses and augments limited savings.
Sustaining Financial Plans
Although early claiming reduces benefits by up to 25%, for some, like veterans or those with health issues, this trade-off is manageable. Financial expert Bethany Laurence reminds us that waiting can increase benefits, yet tailoring decisions to individual needs is key.
Conclusion: Weighing Future Policies
Choosing when to claim Social Security is deeply personal and should be aligned with your financial goals and health considerations. While future policy changes remain unpredictable, starting benefits sooner may provide stability and relief from economic uncertainties.
For further advice on financial strategies, explore more of our insights.Click Here For More Personal Finance tips and strategies.
Note: Political views reflected do not influence our financial advice and are purely informational.
Discover more from Make Money Online and Work From Anywhere
Subscribe to get the latest posts sent to your email.
