Why collecting Social Security early may be wise choice

August 29, 2012

To continue the discussion of why Huffington Post says that it may be smart for you to take Social Security as soon as possible, let’s review the first two reasons to collect it early: (1) You need the money, and (2) you are in poor health.

Reasons three and four to collect early Social Security are as follows:

(3) You are a financial genius. You don’t really need the Social Security income right now, so you will collect it at the earliest possible age and invest it into your own private account, and make more on it than a seven percent return—which you get each year that you wait to collect your Social Security from the government).

(4) Social Security benefits may change. Social Security is touted as a “secure” benefit, but future benefits may depend on the political landscape. In recent years, there has been talk about what the Baby Boomers will do to the Social Security system as they retire.  Congress may lower the benefits or raise taxes on them. So it may make sense to take the money while it is still available.

When to begin Social Security depends on your individual situation. Consider all of the pros and cons, then make the best decision for yourself.

If you or someone you know needs help with Social Security claims, contact the disability lawyers at Fleschner, Stark, Tanoos & Newlin.