Social Security Strategy: Why Taking Benefits Early Could Be a Better Move.
The common advice is to delay Social Security until age 70 to receive the highest possible monthly check. But for many retirees, claiming benefits earlier—at 62 or full retirement age—might actually be the smarter financial move.
You Get More Years of PaymentsIf you claim at 62 instead of 70, you start receiving eight extra years of income. While the monthly check is smaller, the total amount collected over a lifetime could be equal or greater
Your Health and Longevity MatterThe "break-even" age—where delaying benefits results in more total money—is around 80-82 years old.
If you have health concerns or a shorter life expectancy, waiting may not make financial sense. Taking benefits early ensures you enjoy your retirement income while you're still active.
You Protect Your SavingsBy claiming Social Security early, you reduce withdrawals from retirement accounts, allowing investments to grow for longer.
This can be especially important in volatile markets, where tapping into savings too soon could hurt your long-term financial security.
You Have More Financial FlexibilityReceiving benefits early can free up cash flow, letting you travel, pay off debt, or invest in income-generating opportunities.
While delaying Social Security increases your monthly check, it doesn’t always increase your financial security. If you need income now, have health concerns, or want to preserve your savings, claiming early could be the better move for a comfortable retirement.