When it comes to your retirement planning, there’s a decent chance that you’re expecting funds from the Social Security Administration. Most sources will advise you to wait as long as possible to maximize your benefits — but waiting until full retirement age isn’t always the best bet. If you meet one of the following qualifications, you should think about claiming your Social Security benefits as early as you can.
Click through to learn the questions you should ask yourself before you retire.
Reason No. 1: You Have a Shorter Life Expectancy
The longer you wait to take Social Security, the more money the government allots to you — but what if you don’t have a lot of time left?
Even though the larger benefit might sound fantastic, if you have a shorter life expectancy, waiting to draw on your benefits could mean fewer years to relax and enjoy your cash. If you’re dealing with some health issues and time might not be on your side, it makes sense add to your income sooner rather than later.
Reason No. 2: You Need to Pay Down Debt
Before you head into your golden years, don’t let a black cloud of debt hang over your retirement. Another great reason to collect your Social Security early is to help clear any high-interest debt you have lingering in your ledgers. You’ll forego a higher benefit, but you’ll still be ahead in the long run because you won’t have debt payments eroding your savings.
Reason No. 3: You Can’t Work Anymore
The best laid financial plans can sometimes go sideways — so if you suddenly find yourself hurt or laid off earlier than your projections, it might be a good idea to tap into your Social Security benefits.
Consider your quality of life and how working affects that. If you’d see a great improvement for opting out of employment a little earlier, it might be best to call upon your benefits a tad sooner.