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Social Security Benefits: How To Take The Early Retirement

By: Mary Jones

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Planning Your End-of-Life Care

Your Social Security benefits stop paying at your death, so if you die prior to collecting benefits, you’ll have missed out on benefits entirely.

Shorter Life Expectancy

So if you expected your monthly benefit to be $1,000 per month at 66, you would only receive around $750 at 62.

Need To Pay Down Debt

Depending on the interest rate you’re paying, the 8% yearly boost to your benefits that you receive for each year you wait past full retirement age might not be worth the increased monthly benefit.

Can’t Work Anymore

If you get laid off at 62, however, and have difficulty finding another job, you might need to start taking your benefits just to get by.

Only Working Part Time

your benefits go down by $1 for every $2 your income exceeds $19,560. If you reach full retirement age in 2022

Relying On Your Benefits

Social Security Administration based on the amount of your benefits. For example, a surviving spouse can receive between 71.5% and 100% of your benefit amount

Your 35 Highest-Earning Years

Your Social Security benefits are based on your earnings in the 35 years that you had the most compensation. If you’re in your peak earning years, you could boost your benefits if you keep working a few more years

Grow Faster Than the Increased Benefit

Given that benefits increase by 8% per year for each year you wait after full retirement age, however, it’s hard to outperform that rate of increase in the market

You Want To Start a Business

Social Security benefits could provide enough income to let you launch your business. And if your business is successful

Social Security Will Disappear

Some people are concerned about potential Social Security changes in the future, such as higher retirement ages, lower benefits or higher taxes on benefits.

Affects Your Social Security Payout

The Social Security Administration only uses your top 35 earnings years to calculate your retirement benefits. As you approach retiremen

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