Every citizen of the United States is thinking that at the time of retirement everything must be perfect. The Social Security cheque should be as high as possible and the circumstances around us should be optimal.
While this would be ideal, it is not always possible to achieve this kind of thing. A maximum Social Security cheque of $4,558 per month is really difficult to achieve. We have to plan everything a long time in advance and, in addition, we will have to work long and hard to get it.
Therefore, getting a good Social Security cheque is difficult but not impossible. However, if we are in the circumstances we will see below, it is best to wait a little before starting to collect the Social Security retirement benefit. Are you in one of these situations?
Situations to avoid before claiming Social Security benefits
Although there are more situations in which it is not advisable to apply for Social Security, today we are going to look at three in which it is clearly a very bad idea to start collecting a retirement cheque.
- You don’t have a sufficient cheque for your monthly expenses. Through My Social Security and the benefit calculator we can find out a ballpark figure for our retirement cheque. If after knowing it we realize that cheque won’t cover our monthly expenses, we should delay retirement a few more years.
- You have too much debt. Entering retirement with debt is a bad decision. Remember that your SSA cheque will always be less than your salary as a worker. That’s why it’s important to eliminate all debt before you start collecting retirement.
- You have no savings. This point is obvious, but no less important. Having money saved before you start cashing your Social Security retirement cheques is essential to live your golden years in the best possible way.
On top of all this, there are times when it seems like we are ready for retirement, but we really aren’t. If we like our job and have the strength to do it, we can’t afford it. If we like our work and we have the strength to do it, we should continue for a few more years. This will make our Social Security cheque increase a lot in the future.
Having a good Social Security benefit is essential to having the best possible golden years. At the end of the day, having total financial independence is key to a good life.