The Social Security Administration (SSA) will give you more money if you retire at the age of 70. Besides, the Full Retirement Age is increasing over time. It will soon be 67 for those who were born in 1960 or later. But is it really worth waiting that long to retire? Here are some pros of early retirement in the USA.
According to AARP, after carrying out a survey, they found out that most people believed that maximizing their benefits was a top priority. However, not even 10 percent of the 3.4 million Social Security filers were 70 years old said SSA. Despite being a concern, people did quite the opposite.
Of course, workers would like to have the largest Social Security payment possible. So, let’s explore the three best reasons to file early and feel no remorse. Bear in mind that these are just ideas and you should always put yourself first, no one can decide for you. Do what suits you best, after all, it is your money.
Social Security and married beneficiaries
If you are married, you may want to find out what is best for you. Although most couples may want to file at the same time, it may be best to delay filing if one of you has a better work history and earnings. So, one can delay filing while the other claims retirement benefits.
In this way, you can start receiving some benefits, while the other delays retirement until the age of 70. Even if you get a 30% reduction at 62, your spouse will receive 24% more per month from Social Security.
Besides, you will be able to claim spousal benefits on the record of your spouse after his or her filing. This is only possible when one of the spouses earns more than the other. So you can receive between a third and a half of your Social Security benefit amount.
Apart from being married, there are other situations to take into account. When it comes to health, you should pay close attention to it. Undoubtedly, if you are healthy or not, it will also be a good way to help you make up your mind.
File early for Social Security if you are not healthy
People in poor health should file early. It is of vital importance that workers that they take care of themselves. Getting over an illness or disease may not always be easy and it can take years. So, being able to focus on overcoming it could be really advantageous.
What is more, physically exhausting jobs can be devastating for workers. Many workers may be forced to retire because they can no longer handle their jobs. Therefore, early retirement is the best way for them to get rid of this burden. Plus, Social Security will provide them with a continuous source of income.
Another reason to file early is to enjoy life. If you have managed to save enough money for a long retirement, it is high time you filed for Social Security retirement benefits. On average, you may receive about $1,843. But this will depend on your work history, previous earnings and the age you file.
Make use of the Social Security statement. There you will find information about the possible amounts for each age. In addition to this, you can see if you qualify for disability benefits or even if your family can get benefits on your record if you pass away.