Considering Filing for Social Security Early?

When to take Social Security: It’s THE question for people as they approach retirement, and there’s lots to think about.

One of the most important decisions you’ll make when planning your retirement is when to begin taking your Social Security payments. This is important to me because I have seen how making the wrong filing decision can have long-term consequences.

Though Americans are starting to recognize the financial benefits of waiting for their full retirement age (sometime between 66 and 67, depending on your birth year), many don’t hold off that long because you can take them as early as 62, though with reduced benefits.

What’s the rush?

Clients and prospective clients tell me every day that they plan to take their benefits as soon as possible. Some say they’ve been paying into the fund for years, and they intend to get their money back ASAP. Others worry Social Security will soon go away, and they want to be paid while they can.

Then there are those who expected to work until they were 65 or 66, but then they’re “downsized” in their early 60s, find it difficult to find another job and decide they need the steady income Social Security offers.


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