Starting to collect Social Security retirement benefits in the United States is a very important moment in the lives of all seniors. For this reason, it is vital to analyze the situation. We may be in an unfavorable situation that forces us to delay retirement. If we are in a similar situation, it may be a good idea to start collecting Social Security some time later. On the other hand, if our situation is favorable, starting to collect the Social Security benefit may be the best decision we make. At the end of the day, we have the final say as workers, since our retirement comes out of the taxes we have paid with our salaries.
Taking all this into account, analyzing in detail each of the situations we will see below will be of great help. However, it may be the case that we do not find ourselves in such a situation, but in a similar one. That is why it is so useful to investigate what kinds of situations are adverse before you start collecting Social Security. Not everyone is the same and every situation is different.
If you are in one of the situations you will see below, you will need to think about whether or not to claim Social Security early. In case you can’t afford any of what we are going to see, wait a few years before you start collecting retirement. If it turns out that these situations are not part of your day-to-day life, fine. But you have to be very careful to watch out and look at everything with perspective in order to have the best golden years possible.
Situations where it is better not to apply for Social Security
As we have already mentioned, these situations are totally individual and each person can approach it from different points of view. But they are very universal, and if you are in one of them, Social Security may not yet be for you.
- You have a lot of debt. With a large debt, it’s not a good idea to apply for Social Security. Keep in mind that you’ll collect less than your salary as a worker, so it’s better to reach retirement debt-free.
- Your monthly expenses are too high. Watch out for this detail. Having large monthly expenses makes it unfeasible to collect Social Security. When retirement comes, you have to have small expenses.
- You have no savings. You cannot collect the SSA benefit without prior savings. It’s really financial suicide. Try to save as much as you can before you start collecting retirement.
In addition to these three situations, there are many others in which starting to collect Social Security is a bad idea. Study your case very well before taking the leap.